articles | 20 August 2014

Bank of Cyprus expands lists of properties for sale

The Bank of Cyprus, the island’s largest lender, has expanded its list of property for sale with 54 pieces now listed on its web site.

The property involves assets which were taken over by the bank in payment for loans or property resulting from the shrinking of the bank’s branch network by 70 outlets following the take-over of the now defunct Laiki in the wake of the bailout crisis.

The press said considerable interest has been shown by businessmen in Cyprus for the first 23 pieces of property which were put up on sale on July 14.

On August 1, Bank of Cyprus put up for sale another 21 pieces of property for which it is accepting bids and on Monday listed another 10 pieces for sale on its web site.

The last 31 involve mostly agricultural land and housing plots, as well as flats, homes and offices.

A BoC spokesman said they are divided in three categories – those available for sale, those for which the tenders’ process is already underway and those for which interested parties are invited to express an interest.

Sales prices, which start at €13,000 and reach €10 million, were set after valuations by independent valuers.

Meanwhile, Hellenic Bank is also selling nine pieces of property in Cyprus – offices, plots of land, shops, homes and agricultural land.

Source: InCyprus

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