Real estate worth € 657 million is included in the assets of KEDIPES for the third quarter of 2020, while it is noted that in the third quarter of 2020, real estate sales amounted to € 36.6 million, while for the first quarter of 2020, real estate amounting to €13 million were sold through auctions.
Property recoveries against debt swaps totaled €293.7 million (of which €11.9 million were recovered after failed auctions). Sales from the real estate stock amounted to €232 million, of which €36.6 million were completed in the third quarter of 2020, increased by €24.6 from the corresponding quarter of 2019. Despite the pandemic, significant property sales have notably contributed to the medium-market real estate promotion campaigns implemented by Altamira.
It is noted that real estate amounting to €140 million 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. Real estate in Nicosia represents 39.5% of the total supply, while there is a widespread in all provinces. A total of 710 properties worth € 4 million were sold within one year of their recovery, recording strong buying interest in the market except for March-May 2020 due to pandemic
REAL ESTATE MANAGEMENT
The cumulative receipts from real estate sales through Altamira until 30/09/2020 amounted to € 245.1m. and cumulative rental receipts amounted to € 9.5 million. Receipts from sales in the third quarter of 2020 amounted to € 33.8 million, an increase of 57.2% from the previous quarter, approximately stable compared to the third quarter of 2019. Rents also increased by 31.2% of the prior quarter and 40% from the third quarter of 2019.
