Bank of Cyprus has sold €1.4 billion in real estate since 2019

Bank of Cyprus reported strong results in the real estate sector: the Real Estate Management Unit (REMU), which handles foreclosed assets, has sold properties worth approximately €1.4 billion since the beginning of 2019. During the same period, the bank acquired about €0.5 billion in property through debt settlements.

In 2025, REMU sold real estate with a book value of €264 million—significantly higher than the €175 million in 2024. Profit from sales amounted to about €12 million, compared to €1 million the previous year.

During 2025, the bank took on €10 million in new assets via "debt-for-property" swaps (€30 million in 2024). As of December 31, 2025, the REMU portfolio was valued at €377 million—a 43% decrease from €660 million a year earlier. This reduction is attributed to a major asset sale in June 2025, allowing the bank to reach its portfolio reduction target of approximately €0.5 billion ahead of schedule.

In 2025, sales agreements were concluded for 382 properties with a total contract value of €290 million. For comparison, 486 properties were sold for €194 million in 2024. About 43% of the 2025 sales value came from land plots.

The bank also reported a net profit from property revaluation and sales of €9 million (including €11.5 million in sales profit and €2 million in revaluation losses). In 2024, a net loss of €1 million was recorded for this item.

The bank noted that the improved performance is linked to increased sales volumes under the group's strategy, though the unit's profits may fluctuate in the future.