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

Banks buying properties failing to sell at auctions

Banks buying properties failing to sell at auctions INFORMATION from the Central Bank submitted to parliament on Thursday show that properties not being sold at the first round of auctions is being bought by the banks.

Reports in the local media suggest that the banks bought:

The 219 properties bought by the banks during the first quarter of this year comprised: 183 fields, 11 plots of land, 7 commercial properties, 15 dwellings (ready or under construction), 2 main residences /apartments and one “Other Property”.

This seems to indicate that the foreclosure process is not having the desired result. Yet despite the apparent ineffectiveness of the process, EDEK wants to freeze all repossessions.

Information from the Central Bank also shows that the number of final notices sent by the banks fell to 602 in the first quarter of 2019 from 887 in the last quarter of 2018.

Notice letters sent relating to primary residences also fell to 39 in the first quarter of 2019 from 61 in the last quarter of 2018.

Approximately 5% of the properties for which final notices were issued were foreclosed in the first quarter of 2019. This compares to the 3.5% to 4% in previous quarters. But this marginal increase hasn’t changed the overall picture:

100 properties were sold at their first auction in the first quarter of 2019.

The 100 properties in the first quarter of 2019 are the maximum sold to date at first auctions during a quarter.