Bank of Cyprus has almost cleared its inventory of repossessed real estate. At the end of September 2026, the book value of assets held by its Real Estate Management Unit (REMU) stood at €316 million, down from roughly €1.49 billion at the start of 2019, according to the bank’s nine-month 2026 results and investor presentation.
Key figures at a glance
- Book value: €316 million at end September 2026, down about 79% since January 2019
- Number of properties: 1,704, versus 2,527 at the end of 2022
- Year on year change: inventory value down 25%; down 16% since the start of 2026
- Cumulative sales since 2016: 5,685 properties worth €2.54 billion at contract prices
- Sales pipeline: €47 million in advanced negotiations
How the portfolio shrank
REMU handles the properties the bank acquires through debt for asset swaps and foreclosures. Its holdings span residential, office, commercial and industrial property, land and golf related assets in Cyprus and Greece.
The €1.488 billion starting figure in 2019 did not fall through sales alone. Over the period, €530 million of new assets entered the portfolio, while €1.407 billion left through sales. Transfers of €18 million to own-use properties and €277 million in impairments and fair value losses account for the rest.
The year-end trend shows steady decline:
- 2022: about €1.08 billion, 2,527 properties
- 2023: about €860 million, 2,202 properties
- 2024: €660 million, 2,064 properties
- September 2025: €419 million, 1,917 properties
- December 2025: €377 million, 1,864 properties
- June 2026: €341 million, 1,754 properties
- September 2026: €316 million, 1,704 properties
Since 2022, book value has fallen by about 71%, and the portfolio has lost 823 properties, roughly a third of the total.
Land makes up most of what remains
Land and agricultural plots are the largest category, with a book value of €197 million (down from €224 million at end-2025). That is around 62% of the entire stock, almost all of it (€195 million) in Cyprus.
| Category | Sept 2026 | End 2025 |
|---|---|---|
| Land and agricultural parcels | €197m | €224m |
| Offices and other commercial | €36m | €58m |
| Residential | €35m | €46m |
| Golf-related (Cyprus) | €31m | €31m |
| Crafts and industrial | €17m | €18m |
Residential stock dropped by about 24%. Geographically, roughly 95% of the portfolio is in Cyprus (€300 million), with €16 million in Greece.
Sales since 2016: €2.54 billion
Between REMU’s launch in January 2016 and the end of September 2026, the bank sold 5,685 properties. By cumulative contract value, land accounts for 39%, commercial property (including hotels) for 31% and residential for 14%. Golf-related assets and the Cyreit transaction each contributed 6%, and overseas properties 4%.
Annual sales highlights:
- 2016: €179m (99 properties)
- 2017: €330m (331 properties)
- 2018: €238m (575 properties)
- 2019: €505m (579 properties), the peak year, including €160m from the Cyreit deal
- 2020: €91m (492 properties)
- 2021: €249m (1,130 properties), including €100m from the Helix 3 and Sinope transactions
- 2022: €184m (674 properties)
- 2023: €213m (569 properties)
- 2024: €194m (486 properties)
- 2025: €290m (382 properties)
Slower nine months in 2026
In the first nine months of 2026, the bank signed sale agreements for 368 properties worth €69 million, compared with 289 properties and €250 million a year earlier. The value fell sharply even as the property count rose.
The portfolio began 2026 at €377 million. Completed sales removed €54 million in book value, net impairments took off €14 million, and €7 million of new assets were added, leaving €316 million. Sales profits were about €11 million, against roughly €10 million a year earlier.
Contract prices (€69 million) and book-value sales (€54 million) differ because they are measured on different bases.
Selling above book value
Net proceeds reached 123% of book value on properties sold in the period: 133% for commercial, 131% for residential and 114% for land. Against estimated market value, gross receipts were 88% overall (97% commercial, 94% residential, 81% land).
The remaining portfolio is carried at 67% of its market value, down from 69% at the end of 2025, 72% at the end of 2024 and 80% at the end of 2022.
The bank has also cleared older assets. By book value, 93% of pre-REMU properties have been sold, along with 90% of the 2016 intake, 84% of the 2017 and 2018 intakes, 81% of 2019 and 90% of 2020.
Pipeline
As of 30 September 2026, REMU had €47 million in sales at an advanced stage, including €20 million in signed agreements. A year earlier, the figures were €26 million and €14 million.
Source: Bank of Cyprus