Auctions increased in Q2 2024

The total number of properties that went under the hammer and sold in the second quarter of 2024 has seen a sharp increase compared to the first quarter of the same year.

These are properties, which were sold during the first and second auctions, or directly to third parties. At the same time, real estate purchases by mortgage lenders show a slight decrease after the failure of the first auction.

The number and price of real estate sales increased, specifically, houses, apartments, commercial real estate, including offices, shops, factories and livestock units, as well as plots of land.

On the contrary, for parcels of land and fields, the sales of which almost doubled, the sales price is shown to be reduced in relation to their market value.

Also, in the same period of time, the notices sent by banks and credit acquisition and management companies to borrowers for delay in servicing their obligations and for the initiation of the mortgage property auction process almost doubled.Hundreds of properties were sold

Based on data received by the Parliament from KT on a quarterly basis, and secured by StockWatch, in the second quarter of the year, a total of 574 properties were sold for the amount of almost €70 million, compared to 417 in the first quarter, for the amount of approximately €45 million.

These are sales at first or second auction, sales directly to third parties or properties purchased by the mortgage lender.

It is noted that the sale price of the properties in the first three cases showed fluctuations of 5 - 10%, in relation to their market value, while those purchased by mortgage lenders after six months from the 1st auction maintained their market value.

In more detail, 228 properties were sold during the first auction, in the second quarter of the year, of which six concerned a main residence or apartment , the total sale price of which amounted to €1.133 million, while their market value amounted to €1.127 million

It is noted that in the first quarter of the year no first home was sold during the first auction, while a total of 123 properties were sold, at a total price lower than the market value.

During the 2nd quarter, a total of 45 houses and apartments were also sold, ready or under construction for the amount of €7.7 million, while in the 1st quarter of the year a total of 22 corresponding properties were sold, at a price close to €3.7 million.

Regarding commercial properties, in the 2nd quarter 8 were sold for a total amount of €962 thousand, while their market price was €908 thousand, compared to nine sales in the 1st quarter for the amount of €1,130 million. with their market value being around €1 million.

Regarding plots, they went under the hammer and were sold from the first auction, a total of 11, compared to 6 in the 1st quarter , while they were sold at prices of €1.2 million and €510 thousand respectively in the two quarters.

Sales of parcels and fields almost doubled in Q2 to 153, compared to 85 in the first quarter of the year. The total amount from their sales amounted to €4.3 million in the 20th quarter, while in the 1st quarter an amount of €1.5 million was collected.

The picture in the 2nd auctions

In relation to the properties that have been sold at the second auction during the reporting quarter, it is noted that their total number is 37 and they were sold for a total price of almost €5.5 million, compared to 33 sales in the 1st quarter , at a price of approximately €5.3 million.

These are three houses or apartments which constitute 1 residence and were sold at the price of €1.2 million, while their market value amounted to €1.7 million, compared to a corresponding property sold in the 1st quarter at the price of €650 thousand, although its market value was over €1 million.

The sales of houses and apartments in the second quarter during the second auction showed a sharp decrease as from 11 properties with a price of more than one million sold in the 1st quarter , in the second quarter one property was sold for a price of €204 thousand, while the market value it was estimated at €255 thousand.

In terms of commercial properties there were no sales in relation to four in the 1st quarter , at a price of €1.1 million from €1.5 million which was their market value.

There was also a decrease in plot sales through the 2nd auction in the second quarter of the year, as three found a buyer, at a price of €286 thousand, compared to eight in the 1st quarter, with a sale price of almost €1.3 million.

On the other hand, the sales of parcels and fields tripled, reaching 27 at a total price of €548 thousand, while in the 1st quarter they reached 9 with a sale price of approximately €250 thousand.

Direct sales doubled

At the same time, properties sold directly to third parties more than doubled in the second quarter of the year, after failing to sell in the first auction.

Specifically, a total of 57 properties were given to third parties compared to 27 in the 1st quarter , with their sale price amounting to €8 million, while its market value was €12 million.

It is worth mentioning that 20 houses and apartments were sold, one of which was a first residence, for a total amount of €2.2 million, compared to one property in the previous quarter at €205 thousand.

It is worth noting that during the 2nd quarter , two commercial properties were sold directly to third parties, at approximately half of their market value.

It is noted that during the 1st quarter , four commercial properties were sold at a price of €577 thousand, from €708 thousand which was their market value.

Property purchases by owners are down

At the same time, the figures from the Central Bank show a significant decrease in properties that have been purchased by the mortgage lender after a year or 6 months have passed since the completion of the first auction process.

In more detail, 10 main houses or apartments at a price of €6.1 were bought in the second quarter of the year, compared to 11 in the first quarter at a total price of around €5 million.

Houses and apartments that went to mortgage lenders are also down to 38, compared to 50 in the 1st quarter with a sale price of €9.3 million and €8.8 million respectively.

It is worth mentioning that there is a decrease in sales in all categories apart from arable land and fields. It is also noted that during the 1st quarter of the year two hotels were bought by their mortgage lenders, at a price of €666 thousand.

Rain auction notifications

In the meantime, based on the data presented by the Central Bank to the House of Representatives, the total value of the properties that will go under the hammer in the coming months doubles.

Specifically, it is reported that during the 2nd quarter of the year, a total of 2,794 notices were served on mortgage debtors to auction their properties, whose market value amounts to almost €500 million, compared to 2,968 notices sent in the first quarter for properties with a market value of €246 million.

It is noted that type Θ notices, which are the ones initially sent to borrowers for a delay in servicing their loans for more than four months, have more than doubled.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy