By the end of 2021, more than 800 auctions for the sale of mortgaged real estate are planned in Cyprus.
Hundreds of objects accumulated on the balance sheets of local banks.
The largest number of auctions will be held in Nicosia – 170. Banks plan to sell houses, apartments, plots of land and fields located in the city of Nicosia, as well as in Engomi, Latsia, Tseri, Strovolos, Lakatamia, Kaimakli.
In other cities of Cyprus:
Limassol will host more than 200 auctions, the largest number of which will concern the sale of fields. Warehouses are also planned to be put up for sale in Pissouri, shops and plots of land in Agios Tychonas and Germasogeia, houses in Mesa Geitonia and Trachoni.
Until December 30, 2021, more than 200 auctions will be held in Larnaca. In addition to the fields, shops and offices will be put up in the city center, land plots in Aradippou, Pervolia and Kiti, and apartments and houses in Ormidia and Xylofagou.
In Paphos, it is planned to sell under the hammer about 150 properties of all categories. The largest number of objects for sale in the city is concentrated in Polis, Peyia, Kato Paphos, Mesa Chorio.
More than 100 real estate objects will be exhibited in the controlled areas of Famagusta. Basically, these are fields in different parts of the district. However, several lots relate to the sale of houses, restaurants and apartments.
According to the data presented on the website of the Ministry of Internal Affairs, Cypriot financial institutions have already started planning auctions for the first months of 2022.
It should be noted that since December 2019, the official online platform for buying real estate at auctions has been successfully operating in the Republic of Cyprus.
Real estate of various categories is put up for auction, including: houses, apartments, agricultural and industrial land plots, parking lots, etc.
The launch of such a system was one of the requirements of the international troika of creditors of Cyprus (the European Commission, the European Central Bank and the IMF), which provided financial assistance to the republic during the crisis of 2013. The creation of an online auction system was also supported by the banking institutions of the Republic of Cyprus. Which is not surprising, because for them, it is another tool for reducing the huge amount of non-serviced debt of individuals and legal entities. Banks get an opportunity to increase the volume of available monetary resources, get rid of problem loans and, ultimately, stabilize the country's banking system.
Nevertheless, if you want to profitably buy a property in Cyprus from a bank, it is far from a fact that the purchase price at auction will justify your investment wishes.
In order for the transaction to be really profitable, you should buy real estate even before the property is transferred to the bank's balance sheet, because then an additional financial burden will be added to its value. It is really profitable to buy bank real estate until the moment when the bank starts selling the property.
You can find profitable options for buying real estate in Cyprus on the DOMportal. The website also has a large number of objects for rent - from residential to commercial real estate. Choose and contact professionals who will help you make the right choice!