Ideal Homes Portugal – The Overseas Property Show 19 – LB

Auction Bargains to be Had in Cyprus

For those overseas property investors looking for a good deal in Cyprus, June seems to be a strong month for buying at auction on the sunny island destination.

Numerous flats, villas, plots of land and industrial-use buildings are set to come up for auction during the month.

There are opportunities for all types of real estate in all of the island’s cities with prices ranging from a few thousand to a few million, according to posts on the website of the Ministry of Interior.

For those looking for a large rental investment there is an apartment complex being auctioned by Altamira at Skala, Larnaca, consisting of 10 apartments without separate title deeds. The price is only €940,500 for the whole complex.

At the same time, a high value property auctioned by Hellenic Bank is a plot of land in Engomi, Nicosia, which goes for €1.02 million. The same bank also has a plot of land at Agios Dhometios suburb coming to auction at the price of €1.87 million.

Alpha Bank auctions a two-storey apartment in Chrysopolitissa area, Larnaca, at the price of €1.06 million. At Skala, Larnaca, Altamira will also auction a retail store at the price of €995,500.

The most valuable properties are in Limassol district, reaching €2.9 million, followed by some in Larnaca with a real estate value of €2.1 million and then in Paphos with €1.5 million. In Famagusta district, the properties are estimated at around only €400,000.

In Nicosia, Hellenic Bank will auction an apartment in Engomi at the price of €104,000, and one on Kallipoleos Avenue at the price of €38,000. Bank of Cyprus is to auction an apartment in Aglantzia at the price of €46,400. A plot of land in Strovolos will be sold by Altamira at the price of €193,800.

In addition, the sale of eight apartments located in a complex in Stasinou Avenue, Nicosia, will be sold at prices ranging from €55,000 to €91,675. Hellenic will also auction an apartment in Nicosia at the price of €60,400 and a second one, in Strovolos, at the price of €144,800.

An industrial-use building in Ypsonas, Limassol district, is auctioned by Bank of Beirut at the price of €1.23 million. A plot of land in Moniatis will be sold by Bank of Cyprus at the price of €30,800, and another plot in Episkopi at the price of €104,000.

In Germasogia, six apartments located in the same building will be sold by Hellenic Bank at prices ranging from €152,000 to €190,000.

Properties due to be sold are mainly fields and plots of land, houses and apartments already built or under construction, as well as commercial real estate.

Overseas property investors looking for a bargain may want to investigate the Cyprus June auction calendar.

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