< img class = "aligncenter" src = "/media-library/2022/05/eea76fb84e0e37466acb6d843841d970.png" alt = "& Sigma; & tau; & omicron; & sigma; & phi; & upsilon; & rho; ί 288 & alpha; & ka; et; ; & alpha ;, & pi; & omega; & lambda; or & theta; & eta; & kappa; & alpha; & nu; & mu; ό & lambda; & iota; & sigmaf; 28 "/>
May 8, 2022 INSIDER • GOAL • IN-CYPRUS • PROPERTY • CYPRUS-IS • CAREER LIKE • GOING OUT • XRYSES SYNTAGES • ACTIVE • PHILGROUP NEWS & nbsp; SOCIETY & nbsp; INSIDER & nbsp; OPINIONS & nbsp; GOING OUT & nbsp; CULTURE & nbsp; SPORTS & nbsp; AUTO & nbsp; GOOD LIFE & nbsp; USEFUL & nbsp; PRINTED EDITION & nbsp;
ΑΡΧΙΚΗΕΙΔΗΣΕΙΣΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΕΡΙΒΑΛΛΟΝΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΟΙΝΩΝΙΑΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗ ΣΤΟ INTERNETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIALINSIDERΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑΑΠΟΨΕΙΣΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTERGOING OUTTHINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗΠΟΛΙΤΙΣΜΟΣΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑΑΘΛΗΤΙΚΑΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOSAUTOΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣΚΑΛΗ ΖΩΗΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑΧΡΗΣΙΜΑΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣΕΝΤΥΠΗ ΕΚΔΟΣΗ ΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΕΡΙΒΑΛΛΟΝΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣ ΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗ ΣΤΟ INTERN ETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIAL ΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑ ΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTER THINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗ ΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑ ΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOS ΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣ ΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑ ΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣ ΕΠΙΧΕΙΡΗΣΕΙΣ ΚΥΠΡΟΣ BRAND VOICE CAPITAL FORBES BLOOMBERG OPINION ΠΡΩΤΑΓΩΝΙΣΤΕΣ ΚΑΥΤΗ ΓΡΑΜΜΗ GOLDEN CAREER COMPANIES
Next In the hammer 288 properties, sold only 28 CYPRUS • In the hammer 288 properties, only 28
& nbsp & nbspEleftheria Paizanou & nbsp; & nbsp;
Only 10% of the properties that the banks took out of the hammer in the fourth quarter of 2021 (October to the end of December) managed to be sold during the first auction process. This shows that the freezing of sales for 16 months, due to the coronavirus pandemic, somewhat slowed down the auctions (compared to previous years), although they were slightly higher compared to the third quarter of 2021 (July to the end of September). .
According to data from the Central Bank (CB) forwarded to Parliament, between October and December 2021 the banks sent a total of 288 warning letters to borrowers, informing them that their mortgaged properties, which were secured by loans repayment of installments, would be sold. In fact, compared to the previous quarter, the banks' warning letters are almost four times as many, as only 67 such notices were issued at that time. Based on the analysis of the data of KT, which was carried out by “F”, last year, until the end of December, during the first auction, it was possible to sell only 28 properties for € 2.1 million, while their market value was € 2.4 million. It should be noted that the 28 properties sold through auctions do not include any main residence, although a number of borrowers received the warning letter from the mortgage lenders.
Fields most & nbsp;
Half of the properties that were hammered out and managed to be sold were plots of land and fields, while the rest concerned houses or apartments under construction. It should be noted, however, that from time to time there are complaints from borrowers that a percentage of real estate that appears in state or bank records as fields, are in fact utilized plots, some as first homes or other buildings. Compared to the third quarter of 2021, 25 sales were successfully completed in the first auction, with the properties, which had a market value of € 4.8 million, finally sold at a price of € 5.1 million. It is worth mentioning that at the end of 2021, in Another 7 properties were sold at the second auction, compared to the sale of one property in the third quarter.
Warning letters for 18 main residences
Analytically, according to the data of the Central Bank, in the fourth quarter of 2021, the 288 warning letters sent by the banks (notice to the mortgage borrowers for the intention to sell) concerned 18 main residences, with a total market value of € 8.5 million. It should be noted that for six of them their value is less than € 350 thousand, while the remaining 12 are worth more than € 350 thousand.According to the data, for four properties out of the 12, with a value over € 350 thousand, a sale date was set through a first auction. However, no main residences were sold, according to this information.
In the third quarter, meanwhile, a notice letter was issued for the sale of a € 697 thousand main market house, which was sold at the first auction for € 554 thousand. that from 2015 to 2020, a total of six houses were sold by the banks, during the first auction process, with an average market value of € 523 thousand, ie values higher than those defined by law as the main residence (350 thousand .).
What else came out of the hammer
In addition, of the 288 notices sent by banking institutions in the fourth quarter of 2021, 44 relate to ready-made or under-construction homes and apartments, nine commercial properties, two hotels, 16 plots, 195 parcels and fields and four other properties. Of the 288 letters, for 154 cases a date was set for the sale of the property through the first auction. The 154 cases concerned main residences, 23 apartments and houses, 7 commercial properties, 15 plots of land, 103 fields and 2 properties other property.
The successfully completed sales
The 28 properties that have been sold during the first auction concern 12 houses and apartments with a market value of € 1.4 million, while their final sale price was € 1.2 million. The sale of two hotels with a market value of € 182 thousand which were sold was successfully completed. at the price of € 153 thousand. Also, 14 fields worth € 769 thousand were sold at the price of € 704 thousand. Meanwhile, during the second auction, 7 properties were sold at the price of € 2.2 million. a house, five plots and 1 field.
They buy more than they sell
At the same time, CB data show that banks are buying more real estate after failed auctions than selling mortgages. Specifically, six months after the completion of the first auction process, the mortgage lenders bought 84 properties with a market value of € 8.8 million at a price of € 8.9 million. Among other things, they bought six houses and apartments, three commercial properties, four residential and 71 fields. Compared to the third quarter of 2021, the banks after the failed auctions had bought 26 properties worth € 2.5 million. The properties concerned 16 houses and apartments, two commercial properties and eight agricultural plots.
For The sales have been in the drawers for 16 months
The issue of divestitures is a red flag for opposition parties, which are often scrutinizing bills in an effort to protect the assets of borrowers who are unable to repay their loans. It is recalled that from March to the end of August 2020, the banks due to the pandemic had on their own & nbsp; suspended sales. Subsequently, the parties with various legislative regulations had put on the ice in the auctions until the end of July 2021. Now, in Parliament, a total of 13 bills are pending, of which 12 of them provide for changes in the law on sales and another concerns borrowers' access to justice. Despite efforts by opposition parties to consolidate the bills to bring about radical changes in the context of the divestitures, this has not been possible.
The specific proposals were withdrawn from the drawers before the end of the term of the previous Parliament, however the draft law of AKEL and DIKO was unanimously approved, which froze the sales until the end of July 2021. The suspension of the sales concerned the main residence , which was used for the residence of the debtor and his family for a period of more than six months per year and its value does not exceed € 500 thousand, the very small company that employed less than ten employees and has an annual turnover that does not exceed € 2 million, but also of plots worth up to € 250 thousand. Then, the opposition parties, when the time expired, approved a new bill, which was more targeted than the previous one. With the new legislation, the freezing of the sales continued, until October 31, for a main residence worth up to € 350 thousand, a professional roof with an annual turnover of € 750 thousand and plots of land worth € 100 thousand. The President of the Republic proceeded with a review of the law, which was rejected by the majority of Parliament. Subsequently, Nikos Anastasiadis referred the law to the Supreme Court, whose decision is pending.
Decisions of the Financial Commissioner
In the meantime, recently Finance Commissioner Pavlos Ioannou manages to stop more and more sales concerning main houses. A few days ago, it put an end to the auction of a first home by a credit repurchase company, for a loan for which an objection was pending for the rejection of an application in the Estia plan. This is a very important decision (after the cancellation of the sale by the court, for the same reason), which creates a precedent. The Financial Commissioner has summoned the borrowers in cases where the sale of their main residence is proceeding while a decision is pending on their objection not to join the Estia plan to submit a specific complaint, following the legal procedures of the Office of the Financial Commissioner. It should be noted that & nbsp; approximately 1000 objections for non-inclusion in the Estia plan are being considered by the Ministry of Finance.