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Cypriot Investment Scheme
Repossession Property Yield Properties

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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

  • 14 May 2020 CASINO RESORT Construction work resumes

    Construction work on the City of Dreams Mediterranean casino will resume on... read more

  • 11 May 2020 KEVE All the details of the business and employee support measures

    To deal with the effects of the crisis on the coronaire after their approval... read more

  • 13 March 2020 THE RECONSTRUCTION PLAN OF THE LARNACA MARINA

    The Larnaca Port & Marina Master Plan will become a great resource for the... read more

Foreclosure on 396 properties not including primary residences

The "hammer" preparing to make banks 396 properties, the market value of which reaches € 88.8 mil., About a half year after the passage of the bill for divestments. Already banks proceeded to send a notice to mortgage borrowers for intention to sell their property. The letters were sent during the period July-December 2015. According to information letter of the Governor of the Central Bank, Chrystalla Georghadji, to the House on disposals not include cases of primary residence. However the majority of promoted divestitures regards parcels and plots. The figures for the second half of 2016, according to which between the properties will be sold included 31 houses or apartments which are under construction or ready-made, but not a primary residence, the market value reaching the € 7,9 million. also in the list of disposals included 43 commercial properties, including offices, shops, factories and livestock units worth € 24.7 mil., and four hotels with a market value of € 4,8 million. In realization will still be 53 plots worth € 10,6 million., 263 argotemachia other pieces of land worth € 38.5 million. two cases other property amounting to € 2,1 million.  

According to Central Bank data, the third quarter of 2015 the number of properties that will ekpoiountan was 321 with a total market value of € 68 mil., While the fourth quarter of the same year the number increased to 75 with a value of € 20, 7 million. the disposals of property, according to reports, is expected to start after Easter. 

The process of selling the mortgaged property, in accordance with the law on disposals, can be started when the mortgage debt has become non-payable and delays beyond 120 days. When elapsed, the 120 days, the mortgagee is obliged to send a notice to the debtor, demanding the repayment of the outstanding debt at least within 30 days from the date of notice. where the debtor has not complied, the lender will serve a second notice informing that the mortgaged property will be sold at auction. This notice shall be served at least 30 days before the auction day the property. The lender delivers parallel notification to the mortgage borrower, such as within 10 days proceed to appoint a licensed assessor for purposes of determining the market value of the mortgaged property. The initial sales effort carried by the lender only auction with reserved price corresponding to 80% of the purchase price. No mortgage property can not be sold below the reserved price. If the auction does not end with the sale of the property, the lender can proceed with further attempts to sell the property (through new auctions or sales in other ways) for a period of three months . After the failure of the first auction, if the lender chooses to sell than direct the mortgaged property without auction, must comply with certain conditions, which include, inter alia, that the sale is made ​​to the bidder with the highest bid, who immediately pay at least 20% within the accepting bid price. If the lender does not sell the mortgaged property within one year from the completion of the process of the first auction, he has the option to purchase the mortgage property at its market value, which is estimated with null conduct assessment procedures, whether to resume the sales process. The reserved price can not be less than 50% of the new estimated market value. 

- See more at: http://www.philenews.com/el-gr/oikonomia-kypros/146/309874/tessera-xenodocheia-sto-sfyri-meta-to-pascha-oi-protes-ekpoiiseis#sthash.MS7Q4B8J.dpuf