Bank Properties

on the Island of Cyprus

About the Project

Real estate owned by the banks of Cyprus (collateral, confiscated, arrested) occupies a special position in the real estate market of the country.
Cyprus in general, as well as the construction sector of the country in particular, have suffered as a result of the economic crisis that took place in the beginning of 2012. rior to the crisis, the construction industry was experiencing rapid growth, on the wave of economic growth. Real estate in the country was quite popular, the demand was growing and hundreds of sale and purchase transactions were concluded in the country on a daily basis, and mortgage loans were issued.
Mortgage loans in Cyprus was attractive not only to the citizens of the country, but also for residents and non-residents, as well as construction companies. Subsequently, the growth in the unemployment rate in the country contributed to the non-payment of loans. Failure to pay the loans allowed the banks to confiscate real estate that was used as a collateral for the issued mortgage loans.

Commercial Real Estate

The main advantages of purchasing real estate owned by banks are the following

1. Price of the properties

The price for the real estate owned by banks in Cyprus is significantly lower than that in the market in general. It is not surprising that such apartments and houses are purchased quickly.

2. Negotiation

It is possible to negotiate with the banks. Often, the banks publish lists with available properties stating the initial price. The clients are given the opportunity to make an offer, that the bank is obliged to process and either accept or decline.

3. Wide choice

Banks have properties located in all regions throughout Cyprus.

Housing Properties

Grekodom Development company has developed a unique product, offering a chance to its customers to purchase real estate owned by banks in Cyprus.
In order to purchase real estate owned by banks in Cyprus, you need to fill out a special questionnaire of the bank, stating the price offer for the property you are interested in. In order to commence the procedure, kindly contact one of the specialists of Grekodom Development company in Cyprus.