A buyer acquired a plot of land via Cyprus’s electronic auction platform for just €21 in what sounds like a Monopoly game transaction but represents a genuine property sale.
The purchase in 2023 involved 25 square metres of agricultural land in a mountain village in Nicosia district, according to information obtained by Phileleftheros. The buyer secured a quarter share of a 103 sq.m. field in a multiple e-auction, with bidding starting at €20 and closing at €21.
This represents the lowest price ever recorded on the e-auction platform, which has operated since December 2019 under management by ACB E-Auctions Ltd, a subsidiary of the Cyprus Bank Association.
Another bidder acquired just 3 sq.m. of land for €80 via the platform. That auction took place in 2024 for agricultural land in mountain Limassol district. The reserve starting price stood at €76, with the final bid reaching €80. The 3 sq.m. represented one-fifth of a multiple auction for land totalling only 15 sq.m.
Last year’s cheapest sale involved 28 sq.m. of agricultural land in Limassol district, purchased for €43. This formed part of a multiple auction for a field with total area of 511 sq.m., giving the buyer an 8/144 share of the property. Bidding started at €42.
In 2022, a 93 sq.m. field in Nicosia district changed hands for €122, with the starting price set at €116.
These cases involved mortgaged properties used as security for loans, primarily from the Co-operative sector.
Bad lending practices exposed
Whilst the cases may provoke laughter, they also raise concerns by highlighting past bad practices where mortgaged lenders accepted whatever borrowers declared as collateral.
Various studies investigating causes of the 2013 economic crisis revealed these practices. Since then, supervision of the financial sector has tightened considerably, with procedures now extremely strict.
High-end sales
The five most expensive properties sold via the e-auction platform include a commercial property that closed at €5.25 million, up from a €2 million reserve price through competitive bidding.
Another property sold for €2.2 million at its starting price, whilst other premises fetched €2.1 million (from €1.6 million), €1.5 million (at reserve), and €1.57 million (from an initial €926,000).
Legal framework and statistics
The foreclosure process begins with successive notifications from the mortgaged lender to the debtor. After the final warning letter, auctions are scheduled 45 days later.
Reserve prices cannot fall below 80% of market value at first auction, dropping to as low as 50% at second auction. Proceeds cover mortgaged debt, interest, costs and fees.
Overall, 20,042 properties went to electronic auction through the system (not unique properties, as some appeared twice), with a 16% success rate representing 3,216 sold properties including plots, building sites and fields.
Foreclosures faced periodic suspensions between 2020 and 2025, either through parliamentary legislation or voluntary halts by creditors – banks and loan acquisition companies.
For example, the coronavirus pandemic restrictions paused foreclosures for six months in 2020. Between 2021 and 2023, political parties legislated freezes for homes worth up to €350,000, business premises with €750,000 turnover, and agricultural plots valued up to €100,000.
The legal framework strengthened in 2024, protecting borrowers through access to the Financial Ombudsman, whilst banks and loan acquisition firms voluntarily suspended foreclosure procedures for properties in fire-affected areas and for trapped property buyers.
Growing interest
Annual data shows increasing citizen participation in the e-auction platform. High rental prices, expensive home purchases and elevated lending rates drove increased property acquisition through electronic auctions.
Detailed annual breakdowns show:
- 2020: 1,081 auctions posted, 8% successful (84 properties)
- 2021: 4,422 mortgaged properties auctioned, 12% success rate (417 properties), starting value €41.8 million, final sales €46.3 million
- 2022: 4,104 e-auctions, 14% success (457 properties), starting €52 million, sold for €56.22 million
- 2023: 17% success rate (581 from 3,521 total), starting €50.6 million, sold for €56.9 million
- 2024: 4,211 auctions, 20% success (858 properties), starting €66.4 million, sold for €79 million
- 2025: 20% success maintained (739 from 3,608 total), reserve prices €57.2 million, final sales €71.7 million
Mortgaged property values increased 25% during auctions. Only electronic auctions have taken place since 2022, with physical auctions discontinued.
Platform mechanics
Bidders from Cyprus and abroad participate after registering on the platform, accessible via computer, phone and tablet. Interested parties (individuals and legal entities) select properties and must deposit a guarantee equal to 10% of the reserve price within one to five days before auction.
One auction saw 30 simultaneous bidders participate. Some bidders placed offers in the final seconds of auctions, which typically last around two hours, sometimes preventing the system from processing their bids.
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