Real estate worth € 648 000 000 is included in the assets of KEDIPES for the second quarter of 2020. It is noted that in the second quarter of 2020, real estate sales amounted to € 25 000 000, and real estate worth € 8 300 000 were sold at auctions.
Debt-based real estate recoveries amounted to a cumulative € 246 900 00 (of which € 29 000 000 recovered after failed auctions) with the second quarter of 2020 showing a decrease to € 11 000 000 of the pandemic compared to € 23 200 000 and € 58 200 000 from the previous recent quarters.
It is noted that real estate amounting to € 140 000 000 has been excluded from actions for sale and will be transferred to the State as repayment of state aid, immediately after the completion of the assessments by the competent state services.
STOCK
The stock of real estate for sale consists mainly of medium marketability and value real estate. Nicosia's real estate represents 38.9% of the total stock while widespread in all provinces. A total of 612 properties amounting to € 84 000 000 were sold within one year of their recovery, recording strong buying interest in the market except for March-May 2020 due to a pandemic.
REAL ESTATE MANAGEMENT
Cumulative receipts from real estate sales through Altamira Cyprus until June 2020 amounted to € 211 400 000, and cumulative rent receipts amounted to € 8 100 00. Receipts from sales in the second quarter of 2020 amounted to € 21 500 000 with a decrease of 22.9% from the previous quarter and 35.8% from the fourth quarter of 2019, while rents also declined of 21.4% of the prior quarter.
