FAQs

General

How can I get information about new properties?

Send us an email. Also, this website is frequently updated with new properties.

Who is the owner of the properties shown in the website?

All the properties presented in our website are owned by Gordian Holdings Ltd.

Do you have any other properties not shown on the website?

All properties available for sale are available on our website.

Do I get a refund/discount if I identify an issue on the property post purchase not previously identified or verified?

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

What is an “under offer” property?

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

Can I make an offer for an “under offer” property?

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

Why can I not find a property on the website anymore?

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

How can I view a property?

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

How to make an offer?

You can either make an offer online by completing the “Tender Form”, found in each specific property page and submitting in the Tender Box which can be found at: 20 Costis Palamas str., 'Aspelia' Court, 1096 Nicosia, Cyprus

Alternatively, you can complete the Tender Form and send it via email to the Sales Department of Gordian, offers@gordianholdings.com . The above do not apply for auctions – more details in the relevant section.

When do I get an answer for my offer?

The sales team will contact you directly within 1-2 days of receipt of your offer in writing.

What happens after my offer is approved?

If your offer is approved, then an acceptance letter is sent to inform you of the decision and advise on any information required in order to proceed with the drafting of the legal documents. Additional supporting documentation may be requested in line with our Anti-Money Laundering (AML) and Know your customer (KYC) procedures.

What is the payment procedure?

The client has 5 days to sign the property reservation agreement and to pay the reservation amount of €5.000 (for assets bellow €300k) or €10.000 (for assets above €300k) to reserve and lock the asset. The reservation amount of €5.000 or €10.000 will be deducted of the final payment.

The 30% of the purchase price shall be paid by the Buyer within 30 days from the date of the signing of the property reservation agreement. Upon the expiration of the 30 days, the Seller reserves the right to terminate the sales agreement due to the Buyers’ fault and to claim damages, without the Buyers being entitled to any further claim regarding this agreement, including any claim concerning the first payment as stated above.

The rest 70% of the purchase price shall be paid by the Buyer within 30 days from the date of the signing of the sales and purchase agreement upon the transfer of the property at the LRO. Upon the expiration of the 30 days, the Seller reserves the right to terminate the sales agreement due to the Buyers’ fault and to claim damages, without the Buyers being entitled to any further claim regarding this agreement, including any claim concerning the first payment as stated above.

Auctions

What is a public auction?

A public auction is the method by which Gordian Holdings Limited 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.

How is the reserve price/minimum acceptable price calculated?

The reserve price/minimum acceptable price is calculated in accordance with the provisions of The Immovable Property (Transfer and Mortgage) Law no. 9/1965, as amended. In accordance with Gordian’s legal obligations, two valuers are selected, one by the lender and one by the borrower, to conduct valuations of the mortgaged property. In cases where the higher valuation is less than the lower valuation plus 25%, the market value will be the average of the two valuations. Otherwise, the lender will make appropriate arrangements for an independent valuator to determine the market value of the property, in such case the market value of the mortgaged property shall be the average of the two closest values. The reserve price is not less than eighty percent (80%) of the market value as determined.

Where are the auctions conducted?

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
What legal documentation do I need to have with me in order to bid at the auction?

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 data of authorized Director (I.D./passport).

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

Can anyone bid at the auction?

In accordance with the foreclosure legislation certain parties are prohibited from bidding in an auction. The mortgaged property may not be sold to:

  1. 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
  2. any officer, director, agent or relative up to the fourth degree of auctioneer
  3. 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.

How does the auction take place?

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.
What happens on conclusion of the auction?

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.

Where can I find further information on the auction process and/or asset to be auctioned?

For further information, please contact the auctioneer (contact details specified in particular press release) or the Real Estate Department.

Where can I find the upcoming property auctions?

You can look at the full list of upcoming auctions across Cyprus by visiting our Upcoming Auctions page. Alternatively, you can see all auction dates for any of our regional auction centres by using the calendar and selecting available dates. Our schedule tells you the date and start time of each auction, the address of the auction room and there’s a link to view the lots that we are offering

ENQUIRE

enquiries@gordianholdings.com
offers@gordianholdings.com

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(+357) 77 77 56 56