Insider Business It's full speed ahead for foreclosures in Cyprus

It’s full speed ahead for foreclosures in Cyprus

Auctions by banks and private funds that have bought non-performing loans in Cyprus are taking a short break in August but with a strong comeback.

Ministry of Interior data shows foreclosures to be running at full-speed up until August 9. And after a short break, a strong comeback is set for August 19 with fields, plots of land, homes and shops in all districts of the island coming under the hammer.

Among expensive real estate on sale is a semi-detached two-storey residence in Aglantzia in land of ​​1,236 square metres. The property is auctioned by Gordian Holdings at the price of €1,928,000.

Altamira is selling a 6,221-square-metre hotel in Polis Chrysochous at the price of €2,683,750. It is also selling a ground-floor house with an area of ​​713 square metres at the price of €428,925.

Hellenic Bank auctions a two-storey house in Anthoupolis/Archangelos area on a plot of land which is 268 square metres. The price is €216,000.

Small apartments and shops are also up for sale. An apartment with an area of 88 sq.m. in Engomi, Nicosia, is being sold by Gordian Holdings at the price of €78,400.

Two shops in Ayios Antonios area, Nicosia, are being auctioned by Altamira at the price of €79,800 and €57,475. Altamira is also selling a 9,690 sq.m. plot of land in Geri on which a two-storey home is built at a reserve price of €419,425. A ground floor residence in Lakatamia is also to be auctioned by Gordian Holdings at the price of €198,900.

In Limassol district, Bank of Cyprus is auctioning a mezzanine shop at the price of €80,400. And in Germasogeia river area, an expensive property is up for sale for €1,048,000 concerning a plot of 1,017 square metres. In addition, a plot of land of ​​1.081 sq.m. in Zakaki area is being sold at the price of €608,000.

Moreover, Hellenic Bank sells a plot of land of 558 sq. metres at Limassol’s Apostoloi Petros and Pavlos area with no reserve price. A block of flats is built on this plot. Hellenic Bank also has up for sale a plot of land in Germasogeia which is 264 sq. metres at the reserve price of  €315,600.

In Voroklini area, Larnaca, Altamira sells seven apartments at prices ranging from €65,075 to €75,050. And Hellenic Banks has a plot of 1116 sq.m. in Pyla up for sale at no reserve price. Altamira is selling a plot of 304 sq.m. in Larnaca, ​​Ayios Nikolaos area, in which two houses have been constructed, at the price of €301,625.

Gordian Holdings is auctioning a 2-storey building with an area of 559 square metres in Paphos’ ​​Ayios Theodoros area, ​​at a reserve price of €530,000.


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