The Bank of Cyprus completed a €140 million property sale in 2021, including €6 million in real estate sales related to the MES sales that were completed (compared to €80 million in 2020), with a real estate sale gain of €140 million, €14 million for 2021 (compared to €9 million for 2020).
In total, DDA’s sales since the beginning of 2017 amount to 1.37 billion euros and exceed the value of the properties it acquired during the same period of 1.32 billion euros.
As mentioned in the Bank of Cyprus Preliminary Results for 2021, asset sales cover all property categories, with approximately 50% of sales in value terms in 2021 being land.
Sales of 33 million euros per quarter
The Group completed €33M property sales in the last quarter of 2021 with a €4M real estate sales profit compared to €26M property sales in the previous quarter, third quarter 2021 with a €2m real estate sales profit million euros.
During the year ended December 31, 2021, the Group continued to execute contracts for the sale of 703 properties (contract price EUR 149 million) compared to contracts for the sale of 492 properties (contract price EUR 91 million) in 2020.Adjusted for portfolios held for sale, the Group continued to execute contracts for the sale of 1,130 properties with a contract price of approximately EUR 250 million in 2021, representing an increase (based on the contract price) of more than 170% year on year.
In addition, as at 31 December 2021, the Group was in pre-sales of €109 million (contract price) of real estate, of which €47 million related to signed sales contracts (compared to €81 million at 31 December 2020, of which 53 million euros in connection with signed sales contracts).
DDA acquired €34 million worth of real estate in 2021 (up from an addition of €146 million in 2020) through real estate debt swap agreements and refurbished properties.
Property Managed by DDA
At the end of 2021, DDA Kyrou Bank managed a property (excluding properties held for sale) with a book value of €1,215 million (including property valued at €1,112 million which was classified as Real Estate Stock and €103 million as an Investment in real estate”) compared to €1,473 million as at 31 December 2020 (including €1,350 million of properties that were classified as Real Estate Stocks and €123 million as Investment Real Estate).The portfolio includes land-related property (land and land) of €530 million, €246 million related to golf courses and golf-related property, €231 million related to offices and other commercial buildings, residential property on 105 million euros, handicrafts and industries for 78 million euros, and hotels for 25 million euros.