Cyprus Banks can now auction foreclosed properties online

Online auctions was a key demand from the banks to help them reduce the large volume of real estate accumulated in their portfolios from foreclosures.The decree foresees that bidders must submit bids higher than the one that is already submitted. Banks must give 30 days’ notice before an online auction can take place.

In addition, the electronic bidding system will record the bids submitted, with bidding starting at the reserved price set and those interested being immediately informed by the online system of any change in the highest bid.

The property for sale will go to the highest bidder at the end of the auction process.