The end of the freezing period for first home, business facilities and land plot repossessions in late January 2023, saw a surge in aggressive bank moves, by sending 252 letters to owners who could not settle their loans and putting up the homes for auctions.

The letters informing lenders that their homes would be repossessed and auctioned were sent in the space of just two months and they all involved first homes, having a total value of 65 million euro.

213 notices involved residences with a market value of under 350 thousand euro and 39 were estimated at half a million and over.

Auctions subsequently failed. Only 11 residences were sold, including seven villas, either directly to third parties or bought by the lender following six months from the conclusion of the repossession process.

Data presented by the Central Bank of Cyprus indicate that both banks and debt purchasing companies did not follow through on their promise not to proceed with taking over and auctioning off residences valued at under 350 thousand euro.