On Tuesday 29th April, the Central Bank of Cyprus published a report on properties sold at auction in the fourth quarter of 2024.
According to the latest data from the island's main financial institution, the total number of such properties has more than doubled.
Specifically, 1,161 properties of all categories were sold, compared to 501 in the third quarter of 2024. Total sales exceeded €110 million, compared to just under €67 million in the third quarter. Properties sold included first homes, apartments, hotels, offices, shops, factories, agricultural and other land.
Looking at the figures in more detail, 198 properties were sold at the first auction (compared to 98 in the third quarter) and 41 properties were sold at the second auction (compared to 88). Direct sales to third parties after an unsuccessful first auction amounted to 47 properties (compared to 33) and purchases by mortgage lenders six months after an unsuccessful auction amounted to 465 properties (compared to 282).
Sales of primary residences also increased. During the quarter, 6 primary residences were sold (5 in the previous quarter). Of these, 4 properties valued at less than €350,000 were sold at the first auction. In addition, 3 houses, two of which were below €350,000, were sold directly to third parties. Twenty-seven properties were purchased by mortgage lenders six months after the first auction (22 of them for less than €350,000). By comparison, in the third quarter of 2002 there were no such direct sales and the number of properties purchased by lenders was 18.
Residential property sales at auction showed impressive growth. A total of 123 houses and flats were sold in the fourth quarter of 2024 (compared with 63 in the third quarter):
- 45 at the first auction (previously 14),
- 10 at the second auction (compared to 3),
- 14 properties through direct sales,
- 54 repurchased by creditors after 6 months (compared to 40).
In the commercial property sector, 45 properties (offices, shops, businesses) were sold in the fourth quarter of 2024, including:
- 18 at the first auction,
- 7 at the second auction
- 3 sold directly,
- 16 bought by banks.
In addition, one hotel was sold at the first auction and another by direct sale. In addition, 44 land plots (compared to 43) and 488 agricultural plots (the same as in the previous quarter) were sold at auction in the fourth quarter.
The Central Bank noted that the total number of auction notices in the last quarter of last year increased significantly, reaching 3,787 for properties with a total value of more than €635 million. Of these:
- 619 were Type I (default) notices,
- 1,719 were notices of intention to sell properties,
- 1,449 type IA notices indicating the date of the first auction.
It should be noted that this increase reflects growing pressure on borrowers as well as a revival in the collateralised real estate market, including residential, commercial and land properties. The Central Bank of Cyprus continues to monitor developments, particularly in the context of social protection for first-time homebuyers.