Banks of Cyprus will sell at auctions over 800 real estate objects of debtors on loans residents who are in arrears on loans. More than 800 objects of various types will participate in the mass sale – residential buildings, building plots or for farming. This is reported by the Cypriot magazine Successful Business.
170 lots will go under the hammer in the capital Nicosia, including two-story houses, apartments and farmland. In addition to the previously listed types of real estate, among the 200 objects put up for auction in Limassol there are shops and warehouses.
150 buildings will be sold in Paphos, the most interesting of them are a cafe in Mesa Chorio and a factory in Agia Varvara. Another 100 buildings will change their owners in the Famagusta region. Another series of auctions is planned by Cypriot banks at the beginning of 2022. Until January 25, at least 50 properties will be sold.
At the end of September 2021, analysts noted that the demand for housing in Cyprus has grown sharply among Russians. According to experts, in the fourth quarter, residents of Russia were 60 percent more likely than in the third to purchase real estate in this European country. Russians were in demand for both summer cottages and apartments for the purpose of obtaining a residence permit.