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Cyprus Eastern Forum Index » General » Banks flooded with seized properties
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Banks flooded with seized properties 
Post: #1   PostPosted: Mon Feb 11, 2019 12:03 pm Reply with quote
Steve - SJD
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Banks flooded with seized properties

Banks in Cyprus have seized over 14,000 properties from businesses and
households either against debts or through foreclosures or through a partial
sale to a fund.

Because debtors are unable to meet their obligations, non-performing loans
have brought upheaval and as a result more than 14,000 bankrupt
properties – commercial, residential, tourist, small apartments, small shops,
farmland – are now set to change hands with the new owners being either
local or international players in real estate.

A system has developed around funds and companies managing red loans... [
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Cheers

Steve
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Post: #2   PostPosted: Mon Feb 11, 2019 2:28 pm Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5408
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Location: Mosfiloti

 
'Moreover, a luxurious house which is part of “The Residence” development in Limassol’s Saint Raphael area is now up for sale by REMU at the price of € 9.7 million.'

Can I have half-a-dozen, please? Laughing Laughing

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Post: #3   PostPosted: Mon Feb 11, 2019 2:49 pm Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
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devil wrote:
'Moreover, a luxurious house which is part of “The Residence” development in Limassol’s Saint Raphael area is now up for sale by REMU at the price of € 9.7 million.'

Can I have half-a-dozen, please? Laughing Laughing


Book profits? Very Happy
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Post: #4   PostPosted: Mon Feb 11, 2019 4:20 pm Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5408
Pictures: 1
Location: Mosfiloti

 
Mr Tibbs wrote:

Book profits? Very Happy


So far, zero! I'm waiting for the first statement, but I anticipate it will be quite close to a big, round, figure. Smile

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Post: #5   PostPosted: Tue Feb 12, 2019 7:57 pm Reply with quote
Soulman
Joined: 15 Aug 2007
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Location: Protaras

 
How do they dispose of these properties ?
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Post: #6   PostPosted: Tue Feb 12, 2019 10:36 pm Reply with quote
Steve - SJD
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Soulman wrote:
How do they dispose of these properties ?


Various ways including by auction.

Cheers

Steve
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Post: #7   PostPosted: Wed Feb 13, 2019 2:16 pm Reply with quote
Soulman
Joined: 15 Aug 2007
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Location: Protaras

 
Where do they advertise the auctions ?
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Post: #8   PostPosted: Wed Feb 13, 2019 2:46 pm Reply with quote
Steve - SJD
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Soulman wrote:
Where do they advertise the auctions ?


The Bank Of Cyprus used to have a page on their site but at the moment
it is just taking you back to the home page. They do car auctions as well
and these appear to be more regular.

The auctions are normally advertised in the press - though sometimes it
is short notice.

Only my opinion but from what I have seen previously the auctions don't
have low reserves.

Here's an example from an auction in March by Hellenic:

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BTW The Govt is looking at changing the law to allow online auctions of
property but how long this will take is anyones guess.

Cheers

Steve
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Banks flooded with seized properties 
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