In February, the pace of real estate auctions in Cyprus, though slightly reduced compared to January, continues with notable listings. One standout is the second attempt to auction the former Madisons Mall.

According to research by Brief, data from the Ministry of Interior and the Cyprus Banks Association websites show a total of 192 auctions planned for February, involving 340 properties valued at €42,211,595.

The majority of the properties up for auction are fields and plots of land. Additionally, commercial buildings, a factory, as well as houses and apartments will also go under the hammer.

Specifically, the February auctions include: 265 fields, 39 plots of land, 14 houses, 12 apartments, 9 shops, and 1 factory.

The research indicates that most auctions will take place in the Nicosia district, with the capital leading in the value of properties up for auction. In more detail:

• In Nicosia district, 51 auctions are scheduled for 57 properties valued at €19,058,035.

• In Limassol district, 37 auctions are planned for 118 properties worth €9,259,770.

• In Larnaca district, 46 auctions are set for 70 properties valued at €7,693,790.

• In Paphos district, 44 auctions are scheduled for 74 properties valued at €4,342,700.

• In Famagusta district, 14 auctions are planned for 21 properties worth €1,857,300.

The most expensive property, scheduled for auction on February 26, is a share of a field with a total area of 18,590 sq.m. in Strovolos, featuring two buildings. The auctioned share includes a four-story commercial building, completed in 2000, comprising a ground floor, three floors above, and a basement, totaling approximately 17,500 sq.m. An agreement for the sale of part of the property to the Electricity Authority of Cyprus for a substation is noted. The reserve sale price is set at €9,124,500 with a guarantee amount of €912,450.

It's worth mentioning that this building, the former Madisons Mall, was previously auctioned last October without a successful sale. The reserve price at that time was set at €14,599,200.

Additionally, an electronic auction of a 1,100 sq.m. plot in Strovolos is scheduled for February 19. The plot houses a two-story building, approximately 21 years old, comprising six shops with mezzanines on the ground floor, four offices (two on the first floor and two on the second floor), auxiliary spaces, parking, and a storage area on the ground floor. The reserve sale price is €3,422,400, with a guarantee amount of €342,240.

On February 28, an auction is scheduled for a 3,931 sq.m. plot in Latsia, containing old buildings used for exhibition, industrial, office purposes, and storage, constructed around 1973. The reserve sale price is set at €1,440,000 with a guarantee amount of €144,000.

Furthermore, on February 15, a simultaneous auction of four fields in Omodos is planned. According to the notification, an independent winery with facilities is constructed on three of these fields, comprising a winery (760 sq.m. interior space), covered spaces (170 sq.m.), outdoor areas (425 sq.m.), a residence (265 sq.m.), covered spaces (70 sq.m.), a cellar (992 sq.m. interior space), covered spaces (130 sq.m.), a control room (25 sq.m.), and auxiliary spaces (116 sq.m.). The reserve sale price is set at €1,284,000, with a guarantee amount of €128,400.

On February 19, an electronic auction of two plots of 802 sq.m. and 788 sq.m. in Livadia is scheduled. The plots contain a residence, not detailed in the record, which may be inhabited. The reserve sale price is set at €1,032,000 with a guarantee amount of €103,200.

Finally, on February 14, a simultaneous auction of 53 fields in Omodos is scheduled. These properties are vineyards in one of the best viticultural areas of Omodos, with a total area of 244,949 sq.m. and separate property titles. The reserve sale price is set at €720,000 with a guarantee amount of €72,000.