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Cyprus Property - Public Auctions

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Information on Cyprus property public auctions

Limassol Department of Land and Surveys               Photo © CyprusExpatco.uk

The Department of Lands & Surveys is the competent government department authorised to act in cases of sale of immovable property by public auction. The term "forced sales" means any sale of property by public auction performed in pursuance to a statutory provision or as a result of the execution of a writ of sale of immovable property, judgment or order issued by a competent Court. Such forced sales may be divided into two categories:

Sales regarding settlement of a debt, the main ones being:

Sale of properties under mortgage upon an application filed by the mortgagee.

Sale of properties under mortgage upon judgment issued by a competent Court.

Sale of properties upon the execution of a writ of sale issued by the Court.

Sale of properties upon an application filed by a judgment creditor.

Any other sale; the sale of properties held in undivided shares being the most common. Sales by public auction are carried out by auctioneers appointed by the Director of the Department of Land and Surveys in accordance with the Rules of Sale who must first meet the following requirements:

He/she must satisfy the Director after taking a written or oral examination that he/she has sufficient knowledge of the Rules of Sale and of the provisions of any other laws referring to sales by public auction.

Deposit with the Director of the Department a bank guarantee or contract of mortgage of immovable property in favour of the Republic of Cyprus as proof of the truthful execution of his duties.

It is common in such cases for debtors to exhaust all means at their disposal (objections, court appeals etc) in order to defer the sale.

Time required for the completion of the sale

The time required for completion of such cases pertaining to any sale of immovable property for the satisfaction of a debt cannot be estimated because it depends on other factors (such as an open Court procedure) and various depending on the particularity of each case and the accumulated volume of work.

Source Department Of Land And Surveys

Last Updated 01 November 2016

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