The Real Estate Management Unit (REMU) of the Bank of Cyprus continues to receive pledged real estate.
Thus, in 2023 the bank's balance sheet within the framework of the disposal of pledges on non-performing loans was credited housing, the total amount of which amounted to 21 million euros.
During the past year, REMU concluded transactions for the sale of 569 real estate properties for a total amount of 213 million euros. A year earlier, the authority managed to sign 674 real estate sales contracts totaling €184 million. Of these, REMU sold €194 million worth of real estate during the year, up from €162 million a year earlier. Profits from the sale of collateralized real estate in 2023 amounted to approximately €11 million, compared to €16 million in 2022.
It should be noted that sales of collateralized assets held in REMU's portfolio were made across all property categories. However, land accounted for 47% of the total sales for 2023.
In addition, as of December 31, 2023, REMU was in an advanced stage of real estate sales for €40 million (contract price), of which €29 million related to signed sales contracts (compared to €70 million as of December 31, 2022, of which €47 million related to signed sales contracts).
In turn, sales of seized REMU real estate from the beginning of 2019 to the end of 2023 amounted to €0.9 billion.
Recall, that mortgaged real estate is a type of real estate that is pledged (mortgaged) to the creditor bank or on its balance sheet after recovery from the debtor.
This is mainly secondary housing, but there are a small number of proposals and primary. Buy real estate in Cyprus from banks - an opportunity to save very well. It is like a big sale of the housing market, where liquid apartments are sold at a reduced (sometimes up to 50%) price.
You can find profitable options in comfortable residential complexes overlooking the sea or in central areas. If you need an urgent sale of objects, the cost can be reduced and up to 70%, but such proposals are quickly snapped up by local realtors. Pledged housing is profitable to acquire for subsequent rental. In addition, experienced investors are actively investing in this type of object for resale.