Cyprus-Forum.com

[craigbeck]

Has anyone had a house in Cyprus repossessed - there must be thousands of holiday home owners defaulting on their mortgages. What process do the banks follow?

[Oracle]

I haven't heard of any.

Mind you, most buy in cash after selling their main home, or re-mortgage their main home (usually still back in the UK) ... so they are more likely to get their main home re-possessed if they don't make the payments (and that is a major problem back in the UK now).

[Z4]

There will be several people who have re-mortgaged their prpoperty in the UK to buy in CY. They will be in brown stuff, for sure. However, older people who have remortgaged should be safe.

I think we can say that reposessions will happen in CY.

[JimB]

I've been to four farewell drinks recently and I know of another three in the process of packing up / considering it.

All UK holiday home owners who've decided to cash in on their investments in Cyprus.

Two needed the cash to help their own business back in Blighty and had cashed out to take advantage of the relevant strength of the euro. Can't blame them as they've made a healthy return on the property and a good 20 / 25% bonus on top of that with the exchange rate.

One sold up as he's experienced a rapid drop in his enquiries and bookings for his holiday villa (and the same with his other two places in Spain). He's kept the Spanish properties as he feels that the shorter distance, bigger presence of budget airlines and cheaper flights will keep the market afloat a bit longer / recover quicker. He was also fed up as he had quite a few complaints last year due to the water stoppages and he didn't need the hassle.

Other reasons I've been given were that they felt the country had peaked / slowed down (in the property market) and wanted to look at investment opportunities in other non-eurozone emerging hotspots. Again due to the exchange rate (lot more 'bang for your buck').

As far as I know all places were sold to local Cypriot family's. Usually got either the asking price or v. close to it and didn't have to wait too long to find a buyer.

[lyso]

Its not holiday homes
but businesses reposesed
When you rely on the brit
to make a living its hard here.
Here at our market we have fifty brits
that had shops and could not afford the rent
At least the rent here at the market is cheap.
Ask them all and you will find the same story.
Click on the www button and meet them.

Regards
Michael

[purdey]

Banks in Cyprus are still doing a brisk business in mortgages, but mainly to Cypriots, the foreign market seems to have dried up (apart for commercial) However lending rates have gone down, gone are the days of the 100% mortgage. As for repossessions very few seem to go that way deferment on the mortgage seems to be the norm.

[cypruschris]

Hi All Actually my understanding is after speaking with my wifes lawyer today! they will be forced
to start Bank auctions, on the court room steps! "Cyprus repossessions" are, or should i say were rare, im looking into this as i may have found some help to those you are facing repossesion.

[Raymanoff]

never heard of property being repossessed here... loan restructures YES but no repossession

[Peterc]

The main reason you do not hear about repos in cyprus is because the developer usually guarantees the purchasers mortgage. therefore the bank goes looking for the developer

[Z4]

Its not holiday homes
but businesses reposesed
When you rely on the brit
to make a living its hard here.
Here at our market we have fifty brits
that had shops and could not afford the rent
At least the rent here at the market is cheap.
Ask them all and you will find the same story.
Click on the www button and meet them.

Regards
Michael

Drug addicts??