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Auctions of foreclosed properties to resume

Auction2

Banks are resuming the sell-off of foreclosed properties with notifications going out for e-auctions on a number of properties, primarily plots of land and fields, but also a printer in the Nicosia district.

Banks and Kedipes, the state asset management company which took over the bad loans of the now defunct co-op, had frozen foreclosures until August 31 because of the coronavirus pandemic.

Representatives of borrowers’ groups had lobbied for an extension to the freeze until the end of the year, but their calls went unheeded.

Notifications have already been posted on the website of the Interior Ministry.

The e-auctions are planned for Nicosia properties on October 26 and 30, for Limassol on October 22 and 29, for Larnaca on October 22 and 26 and for Paphos on October 22. None have been announced yet for properties in the free Famagusta area.

In addition to the fields, plots of land and a printer there is also one house and one apartment up for auction.

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