& nbsp & nbspΘεανώ Θειοπούλου & nbsp; & nbsp;
Following the reduction of non-performing loans from bank balance sheets, it is the turn of real estate accumulated by banks, in exchange for debt swap agreements with borrowers. The announcement of the annual results of the Bank of Cyprus for 2021, shows that the Real Estate Management Department (REMU) is one of the largest real estate managers, with a value of € 1.21 billion in 2021 and concerns a total of 1,139 properties from 1,380 that she owned in 2020.
The properties provided by the borrowers for debt relief in total until the end of 2021 concern: residential value € 82 million, offices and other commercial real estate € 208 million, handicrafts and industries € 54 million, hotels € 25 million, land ( plots of land) € 524 million, golf courses and golf related properties € 246 million
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The Property Management Division (DDA) undertook fewer properties last year than in 2020. Specifically, their value was € 34 million in 2021, compared to additions of € 146 million in 2020. Adjusted for portfolios held for sale, The properties managed by DDA decreased by 17% in the year 2021. In the year ended December 31, 2021, the group proceeded with the execution of purchase agreements for 703 properties (with a contract price of € 149 million), compared to purchase agreements for 492 properties (with a contract price of € 91 million) in the year 2020.
According to data provided by the Real Estate Management Division, the group completed € 140 million in real estate sales in 2021, including approximately € 6 million in real estate sales related to completed MES sales. Asset sales concern all categories of real estate, with approximately 50% of sales in value in the year 2021 concerning land. In the fourth quarter of 2021, the group completed real estate sales of € 33 million with profits from real estate sales of € 4 million compared to real estate sales of € 26 million in the third quarter of 2021, with profits from real estate sales of € 2 million in the third quarter of 2021.
In & nbsp; 2021, assets managed by the DDA with a book value of € 102 million were transferred to the category “non-current assets and sale groups held for sale”, as well as were included in Project Helix 3 and Project Sinope. As of December 31, 2021, the book value of these properties amounted to € 98 million (consisting of € 93 million properties and € 5 million investment properties). & Nbsp;
