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A public auction is the method by which a mortgaged lender can sell the mortgaged properties pursued in foreclosure proceedings. The asset in question will be sold to the party that places the highest bid in a public auction. Public auctions can either take place physically or electronically (also known as “e-auctions”)

E-auctions take place through the Electronic Auction System by ACB E-AUCTIONS LTD at the following link:

The reserved 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 xxxxxx legal obligations, two valuers are appointed, 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 be appointed 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. For the first attempted foreclosure of the mortgaged property, the reserved price is not less than eighty percent (80%) of the market value.

In order to participate in electronic auctions, you must register as a candidate bidder. When you do so, you will be able to participate on your own behalf or as a representative of other natural or legal persons. Persons represented by you must also be registered members in the Electronic Auction System as candidate bidders.

Once registered in the Electronic Auction System, you should select the e-auctions that you are interested and apply to participate in that auction by submitting the necessary supporting documentation and the guarantee amount at least two (2) full business days before the day that has been designated for the electronic auction.

For further details on the registration and participation procedure please read the guidelines in the following link provided by ACB E-AUCTIONS LTD:

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

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

the appraisers who prepared the property valuation report and their relatives up to the fourth-degree relation.

In order to be allowed to participate in the e-auction, apart from the application form and the necessary supportive documents, you should place a participation guarantee.

The amount of the participation guarantee for each property is clearly indicated in the post concerning each auction.

The participation guarantee can be paid as follow:

  1. By banker’s draft in the name of B2Kapipat Cyprus Ltd, which must be delivered to the ACB E-AUCTIONS LTD following arrangements with the e-auction Officer.
  2. By blocking the amount through a credit or debit card. If this method is selected, the amount will be taken from the card only if you are the Highest Bidder.

The amount of the guarantee must originate from your own account and not from the account of a third party. In case of blocking the amount through a debit or credit card, the account of the card must belong the Candidate Bidder and not to a third party. You must also ensure that the full amount of the participation guarantee is paid, which must not only cover the amount of the guarantee but also the costs of transfer the account.

If you do not get awarded the auctioned property or if the electronic auction is not carried out or it is cancelled then the participation guarantee will be refunded immediately.

Electronic auctions are only carried out during business days, Monday to Friday.

All auctions carried out through the Electronic Auction System start at 10:00 am and last for two hours (until 12:00) and may also be extended in time (up to an hour). This constitutes the first phase of the auction.

After the first phase is completed, if there is a candidate(s) bidder(s) with preferential status, a second phase of bids will follow which lasts for fifteen (15) minutes and only candidate bidders with preferential status can participate.

Persons participating in an auction as Candidate Bidders continuously place bids which are greater than the maximum bid at the given time, until the time frame of the bidding process expires.

If a bid is placed during the last minute of the electronic auction, namely from 11:59:00 to 11:59:59, an extension of five (5) minutes will be given automatically. For every bid that is placed during the last minute of the extension, a new automatic extension of five (5) minutes will be granted if a higher bid is placed. Extensions may continue for a period not exceeding one (1) hour from the time designated for the expiry of the electronic auction.

Upon the expiration of the electronic auction, you will be informed that you have been declared the Highest Bidder (if this is the case). This means that it is presumed that you automatically accept your bid.

You should then contact B2Kapital Cyprus Ltd as soon as possible (you will be informed of the contact details by email) in order to be informed of the procedure that you need to follow for the transfer of the property/properties in your name.

This procedure entails, inter alia, the payment of the amount of the accepted bid price to the B2Kapital Cyprus Ltd , the fees of the Land Registration Office and the relevant charges for the registration of the property in your name or in the name of the person that you are representing, minus the amount of the guarantee that you have already paid to ACB E-AUCTIONS LTD.

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.

For further information on the auction process, please contact ACB E-AUCTIONS LTD.

For further information on the asset to be auctioned, please contact us at or call +357 22000371.

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

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