Bank of Cyprus reports slowdown in real estate sales for first half of 2026

The Real Estate Management Unit (REMU) of the Bank of Cyprus reported a significant slowdown in property sales during the first half of 2026. According to the interim financial report, the bank completed sales of properties with a book value of €26 million, a sharp decrease compared to €211 million in the same period of 2025. Despite the lower volume, the bank recorded approximately €6 million in profits from these transactions, down from €8 million in the previous year. By June 30, 2026, the bank had executed purchase agreements for 221 properties at a contract price of €34 million, contrasting with 189 properties valued at €227 million in the first half of 2025.

The bank’s total real estate portfolio, primarily consisting of assets acquired through debt-to-asset swaps and non-performing loan management, continues to shrink at a steady pace. As of June 30, 2026, the total book value stood at €342.2 million, down from €372.2 million at the end of 2025. Land plots remain the dominant category, accounting for approximately 71.4% of the total portfolio value, or €244.4 million. Looking forward, the REMU is in advanced stages of finalizing additional sales worth €40 million in contract value.