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Friday 3rd July 2020
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Cyprus Property worth millions under the hammer

Cyprus Property under the hammerJUNE seems to be the month of auctions in Cyprus with numerous flats, plots of land and industrial-use buildings set to come under the hammer despite the poor sales recorded so far.

There are opportunities for all types of real estate in all of the island’s cities with prices ranging from a few thousand to a few million, according to posts on the website of the Ministry of Interior.

One that really stands out is an apartment complex being auctioned by Altamira at Skala, Larnaca, consisting of 10 apartments without separate title deeds. The price is only €940,500.

At the same time, a high value property auctioned by Hellenic Bank is a plot of land in Engomi, Nicosia, which goes for €1.02 million. Hellenic also sells a plot of land at Agios Dhometios suburb at the price of €1.87 million.

Alpha Bank auctions a two-storey apartment in Chrysopolitissa area, Larnaca, at the price of €1.06 million. At Skala, Larnaca, Altamira will also auction a retail store at the price of €995,500.

The most valuable properties are in Limassol district, reaching €2.9 million, followed by some in Larnaca with a real estate value of €2.1 million and then in Paphos with €1.5 million. In Famagusta district, the properties are estimated at around only €400,000.

In Nicosia, Hellenic Bank will auction an apartment in Engomi at the price of €104,000, and one on Kallipoleos Avenue at the price of €38,000. Bank of Cyprus is to auction an apartment in Aglantzia at the price of €46,400. A plot of land in Strovolos will be sold by Altamira at the price of €193,800.

In addition, the sale of eight apartments located in a complex in Stasinou Avenue, Nicosia, will be sold at prices ranging from €55,000 to €91,675. Hellenic will also auction an apartment in Nicosia at the price of €60,400 and a second one, in Strovolos, at the price of €144,800.

An industrial-use building in Ypsonas, Limassol district, is auctioned by Bank of Beirut at the price of €1.23 million. A plot of land in Moniatis will be sold by Bank of Cyprus at the price of €30,800, and another plot in Episkopi at the price of €104,000.

In Germasogia, six apartments located in the same building will be sold by Hellenic Bank at prices ranging from €152,000 to €190,000.

Up to date data shows that out of the 8,600 properties for which notifications have been received between the third quarter of 2015 and end of 2018, only 344 were sold at first auctions.

Properties sold are mainly fields and plots of land, houses and apartments already built or under construction, as well as commercial real estate.

© In-Cyprus.com

2 COMMENTS

  1. I don’t understand the point of these auctions. Is it not the case that the auction proceeds help the banks get out of a hole but the purchaser still ends up without a title deed? Or am I missing something here?

    Ed: These auctions involve properties that have been repossessed or acquired by the banks by a debt-for-asset swap arrangement with the debtor. This enables the debtor to reduce or remove their debt to the bank and enables the bank to recover the debt from the sale of the property.

  2. So happy to read that Famagusta area not popular :) Best news of the day.
    Thanks for that Ed.

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