EUR millions of transactions for real estate

In the last month, there is mobility in the transactions with real estate that was given against Bank of Cyprus debt.

A property in Aglantzia, which was built to house the College of Tourism, was recently sold to a group of foreign investors with a company registered in Luxembourg to create student homes. The property is located near the University of Cyprus and the selling price requested by the Bank was € 5.4 million. The sale prices are close to those demanded by Bank of Cyprus, as the effort is to maintain the balance and not to have steep falls in Property values.

In the area of Agios Andreas a property was sold that allows commercial and residential uses. The price requested by Bank of Cyprus was € 1.2 million.

A building known as “Achilles 2” in Kyriacos Matsis, in the area of Agioi Omologites in Nicosia, was sold and the asking price was € 1.2 million.

The property that was given to write off debt was also a four-storey commercial building on Spyros Kyprianou Avenue in Strovolos. It was sold recently and the selling price from Bank of Cyprus was € 1.05 million.

On Makarios Avenue in Nicosia, a property was sold, which consists of two offices that have been converted into a single property. It is located on the 6th floor of the “Galaxy” building and the asking price was € 1 million.

Detached house located in Strovolos with a total covered area of 460 sq.m. Sold for debt. The asking price was € 600,000.

Plot located in the area of Elaion was sold and the price was € 380 thousand.

Bank of Cyprus seeks, by 2017, to sell real estate worth approximately € 340 million, most of which are part of large debtor settlements, as part of debt swap instead of real estate. Until now, unit sales have amounted to € 155 million.

Based on the presentation of the Bank’s financial results as at 31 December 2016, the Property Management Unit managed properties with a carrying amount of € 1.4 billion corresponding to 1,124 properties.

According to the figures, the value of real estate for land is estimated at € 516 million for 739 items, there are 2 golfs worth € 224 million, 149 commercial properties worth € 337 million, 227 houses worth € 90 million and other 7 properties Worth € 75 million

According to the data, 87% of the properties worth € 1.22 billion are in Cyprus, 10.7% in Greece worth € 149.8 million and 2.3% in other countries worth € 32.2 Million.

34.8% of the properties are in Nicosia worth € 423.864.000, 10.8% in Larnaca worth € 131.544.000, 24.1% in Limassol worth € 293.538.000, in 26.3% in Paphos worth € 320,334,000, 3.8% in the Famagusta region of € 46,284,000 and in other areas 0,2% worth € 2,436,000.