Frequently Asked Questions

Register for our newsletter or send us an email. Find the “Sign in/Join” button on the top right corner of the home page where you can register and complete the search filter in your account.

Also, this website is frequently updated with new properties.

All the properties presented in APS CY website are owned by Hellenic Bank Public Company Limited and/or by direct or indirect wholly owned subsidiary companies of Hellenic Bank Public Company Limited (“Bank”). We are authorized by the Bank to manage the properties of the Bank (“Properties”). APS CY does not own any of the properties displayed on the Site.

In case your offer for a purchase of a property is accepted by the Bank, you will enter into a sale agreement with the Bank, all relevant documentation will be signed by a duly authorized representative of the Bank for this respect and the agreed purchase price will be submitted /paid to the Bank and/or as directed/ per the instructions of the Bank. The transfer of ownership will follow the settlement.

All properties for sale are uploaded on our website.

The properties are for sale on an “as is” basis. The buyers are expected to carry out their own due diligence.

A property is reserved if an offer for the specific property has been approved by the owner.

Yes, you can make an offer, however the offer will only be considered in case the transaction is not conclude with the approved buyer.

Most probably the property has been sold. Contact us for more information.

You can either call us to arrange a viewing, or fill in the “More Info” form, which can be found in the specific property page. Please note in the message that you request a viewing.

You can either make a tender offer online via the “Submit an offer” button, which can be found in the specific property page, and complete the tender (offer) form. Alternatively, you can complete the tender form (which can be downloaded and printed through the website) and send it via email to the Real Estate Department of APS CY. The above do not apply for auctions – more details in the next section.

Real Estate Division (RED) usually responds within 1-2 weeks.

If your offer is approved then an acceptance letter is sent to inform you of the decision and advise the information needed in order to proceed with the drafting of the legal documents. In addition, documents are requested to perform the Anti-Money Laundry (AML) and Know Your Customer (KYC) procedures.

You will be required to execute a reservation agreement with the Bank to reserve the interested Property until a sale and purchase agreement is executed (the “Reservation Agreement”). The reservation fee payable will be 10% of the agreed purchase price (plus any VAT applicable), with a maximum of €10,000 (the “Reservation Fee”)*. If you do not execute a Reservation Agreement and pay the relevant Reservation Fee, then the Bank will not proceed to enter into a sale and purchase agreement and retains the right, to enter into any agreement with any other person regarding the interested Property, at its discretion.

*The Bank has adopted the following procedure to speed up the sale and transfer process:

(a) For the sale of properties consisting of vacant land and whose purchase price is under €10,000, to natural persons, the execution of a Reservation Agreement and SPA is not necessary. The full purchase price must be paid simultaneously with the transfer. Our team will contact the successful Tenderer to inform him/her of the next steps.

(b) For the sale of properties consisting of vacant land and whose purchase price is under €10,000, to legal persons, the execution of a Reservation Agreement is necessary but not of the SPA. The full purchase price must be paid simultaneously with the transfer. Our team will contact the successful Tenderer to inform him/her of the next steps.

(c) Properties consisting of vacant land and whose purchase price is under €100,000, the execution of a Reservation Agreement is necessary but not of the SPA, unless the successful Tenderer wishes otherwise. Our team will contact the successful Tenderer to inform him/her of the next steps.

We note that the procedure described in (a), (b) and (c) above may be amended at any time at the discretion of the Bank.

Please refer to the sections titled “TENDER PROCESS” and “TERMS OF SALE” of our Terms and Conditions for more information, which can be found on our website.

Upon signing of the Reservation Agreement you must pay the Reservation Fee . Upon signing of Sales and Purchase Agreement (SPA) you will be required to pay a 10% security deposit. The Reservation Fee shall be credited against the security deposit.

The purchase price will be paid in accordance with the final terms of the SPA as agreed between yourselves and the Bank. The security deposit shall be credited against the purchase price on the date of completion of the sale of the Property.

The Sales and Purchase Agreement (SPA) can be reviewed by both sides and then a meeting can be arranged for signing, ideally not later than 30 days following execution of the Reservation Agreement.

The stamp duty is payable by the buyer. The process of stamping the SPA will be agreed/specified in the SPA.

After the full purchase price has been paid, the ownership of the properties is transferred to the buyer.

All the properties presented in APS CY website are owned by Hellenic Bank Public Company Limited and/or by direct or indirect wholly owned subsidiary companies of Hellenic Bank Public Company Limited (“Bank”). We are authorized by the Bank to manage the properties of the Bank (“Properties”). APS CY does not own any of the properties displayed on the Site.

The public auction is the method by which a bank / financial institution, can sell the properties pursued in foreclosure proceedings. The asset in question will be sold to the party that places the highest bid in a public auction.

The reserve price/minimum acceptable price is calculated in accordance with the provisions of the foreclosure.

Auctions are conducted in a specified venue in each district.

• Nicosia: 28 Archbishop Makarios III Avenue, 2324 Kato Lakatamia
• Limassol: 22 Parthenonos Street, 4190 Ypsonas
• Larnaca: 10 Zakynthou Street, 6018 Larnaca
• Paphos: Shop No.1 , 5 Charalambos Kyrillou Street, 8250 Emba
• Paralimni: 42 Agiou Orous Street, 5281 Paralimni

For Individuals:

• Identification data of the person (I.D./passport)

If the individual is acting on behalf of another individual then identification data of the beneficiary will also be needed as well as a valid power of attorney

Legal entities (as applicable):

• Copy of company registration certificates (original certificates may be requested in certain situations);
• Board minutes authorizing the Director to bid in the auction of behalf of the company
• Identification date of authorized Director (I.D./passport).

The above should be used as an indication of what may be require. Each bidder should confirm with the appointed auctioneer on what legal documentation apply to his/her individual circumstances.

In accordance with the foreclosure legislation certain parties are prohibited from bidding in an auction.

The mortgaged property may not be sold to:

• a person who holds more than two per cent (2%) of the share capital of the authorized credit institution or a licensed financial institution or is connected with this person or their representative or their spouse or their parent or their descendants up to third degree, or any officer, director, employee of the mortgagee
• any officer, director, agent or relative up to the fourth degree of auctioneer
• the appraisers who prepared the property valuation report and their relatives up to the fourth degree relation.

On conclusion of the auction, the successful bidder will sign a declaration confirming that he/she/the company is not a prohibited party for the purposes of the auction proceedings.

The auctioneer will read the press release and other relevant information and invite all present parties to bid for the auctioned asset.

Alongside other relevant information, the auctioneer informs parties of the following key information:

• The property will not be transferred if the reserve price is not covered;
• The property is auctioned without further warranties regarding the existence, type or size of the property or the right that the mortgagor/judgement debtor has.
• In cases where VAT may arise, any awarded sale price will not include VAT. This will be borne by the successful bidder, over and above the awarded price.

The highest bidder must submit to the auctioneer the following:

• At least 20% of the sales price (via personal cheque/ banker’s draft)
• Transfer fees that may arise from the auction transactions ((per owner, 8% on sale price that exceeds the amount of €350.000)
• €10 for the transfer application to be submitted at the Land Registry Office
• €5 for the issuance of each new title deed
• Identification/documentation as specified above and confirmed by the auctioneer
• Declaration that he/she/the company is not a prohibited party as specified above.

The successful bidder must settle any outstanding balance of the sales price within 20 days from the auction date. If no such settlement is effected, he/she/the company will lose the deposit amount and will be liable for any loss that may occur in a subsequent sale. In cases where VAT arose, the VAT amount will also need to be settled by the agreed upon date; indicatively within a month of the auction date.

For further information, please contact the auctioneer (contact details specified in particular press release) or APS at 22-690470.

All the properties presented in APS CY website are owned by Hellenic Bank Public Company Limited and/or by direct or indirect wholly owned subsidiary companies of Hellenic Bank Public Company Limited (“Bank”). We are authorized by the Bank to manage the properties of the Bank (“Properties”). APS CY does not own any of the properties displayed on the Site.