The keys to their summer homes or summer-related tourism projects are handed over to banks, mainly developers, to reduce or write off debts that have accumulated. Apart from Cypriots, the purchase of a holiday home is also aimed at foreign buyers, whether they come from Russia, China or other third countries.
In the years before the crisis, obtaining a holiday home was almost the exclusive prerogative of the British, who preferred Cyprus even for permanent residence. Today, Cypriot owners are forced to hand them over to banks and luxury homes or apartments in complexes in Protaras, Paralimni, Paphos, Limassol and Larnaca are looking for a new buyer.
The developers did not calculate them correctly, their plans fell through and the debts to their banks drowned. The debts owe as a result that the Property Management Department (REMU) of the Bank of Cyprus has collected luxury holiday homes, either finished or unfinished. One of the many cottages, are two two bedroom villas part of the complex "Artisan Resort" in Protaras.
It consists of an open plan living / dining area, kitchen and guest toilet on the ground floor and two bedrooms and a bathroom on the second floor. He enjoys the use of a yard and a covered parking lot. It has double glazed windows. The sale price is € 351.000. In the same complex, a villa with a private pool is for sale for € 670.000.
A villa that reaches almost € 10 million in the area of Agios Raphael in Limassol has been looking for a buyer for many months. The villa has a total area of 454 sq.m., consists of open plan living / dining / breakfast area, separate kitchen, laundry room and guest WC with shower on the ground floor and 4 bedrooms all with private bathroom. All bedrooms have a balcony with sea views.
The villa also has an unfinished basement (266 sq.m.) consisting of a wine cellar, a jacuzzi, a home cinema, a theater, a lounge and a bathroom (which is finished). The property has exclusive access to a landscaped garden with swimming pool and two parking spaces on the ground floor. The total area of the villa is 1.095 sq.m. and the sale price of € 9,7 million Villas in Pissouri with three bedrooms and a private pool sold for € 288.000. A complete villa located in the "Bay View - Pyrgos" complex in Pyrgos, Limassol, sells for € 466.000. Villa for sale in the same complex for € 583.000.
Ground floor three bedroom villa located at Aphrodite Hills Golf Resort & Spa in Kouklia Municipality, Paphos area for sale at € 878.000. In the same complex are sold several villas due to the accumulated debts. Specifically, a three bedroom villa has a sale price of € 868.450, a two storey house has a sale price of € 839.000, another three bedroom villa sells for € 821.500, a three bedroom villa for € 815.000. Aphrodite Hills also sells a villa for € 821.500, another for € 835.000, € 868.450 and € 878.000.
Outstanding houses belonging to bands are sold in Larnaca in the area of Pyla. According to REMU data, two two-bedroom cottages are for sale in the Larnaca Bay complex at € 500.000, each for one and three of the three bedrooms at a price of € 535.000, € 540.000 and € 560.000.
Debts do not force owners or developers to deliver only the expensive cottages but also cheaper ones. Residential residence of three bedrooms in the area of Kokkines of Ayia Napa, which remained unfinished, is for sale for € 187.000. A three bedroom house part of the "Kokkines-Golf Villas" in Ayia Napa sells for € 230.000.
Numerous cottages exist in the wider area of Paphos after the construction boom that the area experienced. However, the crisis changed the data and the owners, mainly developers, handed over the keys to the banks. A three-bedroom house on two floors in the village of Kouklia in the Adonis Village - Aphrodite Hills residential complex is for sale for € 378.000.
Three bedroom house in Pegeia for sale at € 435.000. Four bedroom house in Chad for sale for € 533.000. 4 bedroom house in Neo Chorio for sale € 635.000. A three bedroom maisonette located in the residential complex called Village Theseus inside the Aphrodite Hills Resort & Spa for sale € 673.000.
For the smallest wallets there are the corresponding options. A studio apartment located in the Superior 60 complex in Pegeia is for sale for € 40.500. The complex consists of 61 apartments and other units available for sale by REMU. The development has a shared pool and each apartment has its own private parking space. One bedroom apartment that is part of the Evagoras Gardens development and is located outside Chrysochous Town is for sale for € 44.500. Other growth units are also available for sale from REMU.
One bedroom apartment and part of the Ektoras Village residential development in the Pegeia area is for sale for € 52.000. The development consists of apartment buildings, which share a shared pool and has several apartments available for sale by REMU. One-bedroom apartment that is part of a complex called Koutsoulli Hill in Pegeia sells for € 55.500. The whole complex consists of 22 residential units and additional units are available for sale by REMU.
The keys were taken by Altamira
Altamira, which also has a private pool, has two independent two-storey houses for sale in Pegeia. The sale price is € 339.000. Ground floor house in Chloraka, Paphos with three bedrooms and Jacuzzi for sale at € 258.000. Apartment in Chloraka two bedrooms for sale € 120.000, two-storey maisonette for sale € 99.000, two-storey maisonette in the Community of Emba for sale € 192.000, two-storey independent house in Paphos with four bedrooms and pool for sale at € 900.000. Also, two two-storey maisonettes with roof-garden and sea view in the community of Tremithusa are for sale at € 377.000. Ground floor three-bedroom house with swimming pool in the village of Choletria sells for € 170.000.
Holiday homes in Elliniki
Holiday homes were also given to Hellenic Bank for debt write-offs. On its website there is a property with ground floor and first floor located in the residential complex Papantonia Court in the Municipality of Paralimni which is sold for € 130.000. Two-storey two-bedroom villa in the area of Protaras is for sale at € 263.000. Also, a two-storey four-bedroom villa in the area of Protaras is for sale for € 410.000. Also a three-bedroom cottage in the Pernera area sells for € 253.000. Villa with swimming pool, garage, covered terraces and gambling room in the area of Agios Theodoros in the Municipality of Paphos is sold for € 480.000. There are also apartments for sale in the tourist village Zephyros Village 2. Villa at Ha Potami is for sale at € 425.000.