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

Hammer time for foreclosures

Cyprus foreclosures imminent AROUND thirty auctioneers are polishing their hammers ahead of the second half of 2016, as bankers set their sights on large debtors.

There are about 3,000 foreclosures in the pipeline which have been pending at the Land Registry Department for years. Banks have been signalling publicly that primary residences are not the target, but they are going after commercial buildings, holiday homes, and land owned by large debtors.

The cases in the first wave of auctions concern foreclosed properties going back to 2010 and have nothing to do with primary residence or severe financial problems.

Cooperative banks are putting properties under the hammer with a total estimated value of €75 million, while the Bank of Cyprus is pushing land and properties based on final court decisions prior to 2013 with a total value of €85 million. Hellenic Bank is also going after big commercial properties, leaving primary residences off the hook.

The Cyprus Banks Association has publicised some of the locations already, but there are still details to be hammered out with other places. Based on law, auction halls must be confirmed in all districts before public sale begins in any of them.

Two location are already confirmed in Nicosia, a conference hall and a multipurpose room at GSP Stadium. Another location in Famagusta district will be in Paralimni, while the situation in Limassol, Larnaca, and Paphos is still unclear after owners had second thoughts or their buildings did not meet standards.

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