After their approximately five-month hiatus due to the lockdown regime, auctions, Rent In Nicosia, and real estate sales resumed. Although there were several voices which spoke of their suspension, at least until the end of the year due to the general economic recession that prevails on the island, auction announcements have taken place, both on the online platform of the Banking Association and on the website of the Ministry of Interior.
Auctions published on the online platform
A total of 20 auctions have been posted on the platform so far (last updated on 08/09/2020 14:57:08), with the main volume of these (10) concerning fields and their reserved prices ranging between € 1,000 and € 741,475. Next in line are the plots (5), with the minimum reserved price amounting to € 57,600 and the maximum to € 380,800. The remaining 5 properties, which are auctioned, concern: parking space (with a reserved price of € 100,000), a house (the reserved price of € 268,375), two plots with a building (the reserved price of € 195,700 and € 595,850), and a shop (reserved price € 118.150 ) respectively. Most properties for auction are located in the capital of the island. Next is Larnaca with two properties and a specific type of field, while one property is auctioned in Paphos and Limassol. According to the information of the platform, the last auction, as it has thus far, will take place on 29/10, and the continuous addition of new items is still on the table.
Read more about e-auctions in Cyprus, here: https://realtor.com.cy/blogs/hlektronikoi-pleisthriasmoi-akinitwn-stin-kipro
Source: https://www.ekathimerini.com/233513/article/ekathimerini/business/property-auctions-are-stepping-up
Auctions published on the website of the Ministry of Interior
However, apart from the electronic platform, the announcements of auctions continue on the website of the Ministry of Interior. According to the data published on the website of the Ministry, as they are formed so far, the auctions concern real estate, which is located in the areas of Nicosia, Larnaca, Limassol, and Paphos.
Nicosia
The number of properties under auction in Nicosia mainly concerns fields and plots, with a house in Agia Paraskevi and an industrial plot with a building - printing house (lease) in Kokkinotrimithia.
Limassol
In the province of Limassol, there are published on the website of the Ministry of Interior, two properties, types of field and a plot with a reserved price for the field of €57,600.
Larnaca
In Larnaca, there are seven properties for auction, with the majority of them concerning fields, while a plot type property and a series of four apartments, with reserved prices of €56,000 and €114,000, respectively, complete the publications regarding the specific province.
Paphos
In Paphos, a vineyard field is being auctioned with a reserved price of €49,600
Source: https://commons.wikimedia.org/wiki/File:Delloite_Buildings_and_Central_Bank_of_Cyprus_view_Nicosia_Republic
_of_Cyprus_Chypre.jpg
Generally speaking, the settlement of Non-performing Loans, even before the outbreak of the pandemic, was one of the immediate priorities of the banks and the Government. Following the lockdown due to Covid-19, banks saw the risk of NPLs increase, as non-payment of installments due to the inability of creditors implies an increase. The moratorium on installments, although inevitable, seems very likely to contribute to the aggravation of the problem of NPLs, a fact which, through auctions, banking institutions seem to be trying to reduce.
The platform of Realtor.com.cy (https://realtor.com.cy/), knowing the relationship that is created between real estate appraisal and financial size of the loan, built and provides to its users the service of the Automatic Valuation System. Through AVM, professionals in the field of real estate and related sectors (brokers, real estate appraisers, investment funds, bankers, etc.), are able, at any time, to safely return the financial valuation of any type of property (apartment, plot, villa, shop, etc.) in any area of the island.
You can find more information about AVM at the following link: https://realtor.com.cy/avm
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Sources:
Auction Notices Nicosia, retrieved from http://www.moi.gov.cy/moi/auctions.nsf/page49nicosiap_gr/page49nicosiap_gr?opendocument
Auction Notices Limassol, retrieved from http://www.moi.gov.cy/moi/auctions.nsf/page49limasolp_gr/page49limasolp_gr?opendocument
Larnaca Auction Notices, retrieved from http://www.moi.gov.cy/moi/auctions.nsf/page49larnacap_gr/page49larnacap_gr?opendocument
Auction Notices Paphos, retrieved from http://www.moi.gov.cy/moi/auctions.nsf/page49pafosp_gr/page49pafosp_gr?opendocument
e-auctions, retrieved from https://www.eauction-cy.com/Home/HlektronikoiPleistiriasmoi
Cover image: https://www.propertyguru.com.my/property-guides/guide-to-property-auctions-malaysia-16482
