- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Luxury homes go under the hammer

Luxury homes go under the hammerOVER a hundred properties, including luxury mansions, will soon go under the hammer after their owners failed to pay back bank loans, incyprus reports.

Two of the luxury homes belong to a father and his daughter.

According to Phileleftheros, one of the mansions – said to be worth over €1 million and used as a main residence – belongs to a person who, since 2008, has failed to pay a single cent back on a loan from the Bank of Cyprus. The bank, the paper said, believes the homeowner is in a position to pay back the loan but is choosing not to.

Situated in a coveted area of Nicosia, the lavish property includes a 520 square metre main house, swimming pool, and a second, smaller, house on the premises. Another two luxury houses, each worth close to €1 million are also reported to be up for auction soon – again due to their owners failing to pay back their loans with the bank.

According to banking sources, the act itself of threatening to take away their homes springs some wealthy homeowners into action and they either immediately recommence repayments of their loans or even payoff the entire debt in full.

Meanwhile, another 125 properties are up for auction shortly, worth a total of €24.6 million. These include a hotel worth €850,000, 10 houses and apartments – which are already built or in the midst of being constructed, 11 commercial properties include offices and shops, factories and farms.

Also up for auction are 22 plots of land suitable for building on, 81 pieces of rural land, and a number of fields.