Filenews 21 January 2026
36% of the published e-auctions are suspended due to an agreement reached between the debtor and the creditor, as mentioned at a press conference of the Association of Cyprus Banks, during which the e-auction Electronic Auction System was presented, which was developed and managed by the company ACB E-Auctions Ltd, a 100% subsidiary of the Association, which was created in 2019.
As mentioned, e-auctions are surrounded by a very strict legal framework which precisely defines the process and the role of each party. (On the Sale of Mortgaged Property through an Electronic Auction System Decree of 2019 of the Minister of Finance) and the execution of the auction is done fully automated by the system without human intervention.
Also, in order to complete the transfer of the mortgaged property, it is required to submit the Electronic Auction Report to the Land Registry and the property is transferred only to the successful bidder.
Physical auctions stopped in 2022 and all of them are now done electronically.
During the briefing of journalists, it was stated that the e-auction system, which lists approximately 10,000 registered users from Cyprus and abroad and started its operation on November 18, 2019, was designed to be fully compatible with the Mortgage Sale through Electronic Auction System Decree of 2019 of the Minister of Finance.
The system has a strong presence on social media (almost 5,000 followers on Facebook) through which it informs the public about upcoming auctions and educational materials.
It was mentioned that it is to the benefit of the mortgage debtor in case he does not reach an agreement with his lender, to have many bidders because this increases the price of the property, something that was evident in many cases. The largest interest in a property auction had risen to 25 people.
It was also mentioned that the law orders publication 45 days before the execution of the auction on the website of the Ministry of Interior, in two newspapers of nationwide circulation, on the website of the mortgage lender and on the platform of ACB E – Auctions LTD.
Debtor's rights
In relation to the rights of the mortgage debtor, it was mentioned that the mortgage debtor is entitled to be an observer in the auction process of his property and should register in the electronic auction system through CY Login. This possibility is not offered to the mortgage lender.
In addition, the mortgage debtor is entitled either in person or a relative to participate in the process and claim his property. In addition, the law offers the mortgage debtor and first-degree relatives, when the property is a main residence worth up to €350,000, to participate in the auction with the so-called privileged right, which gives the right to the debtor, when the auction is closed, to buy his main residence at the last price at which the auction closed.
Registration on the platform and participation
As mentioned, the interested party, after registering on the e-auctions platform, which is free, selects the auction he is interested in and deposits the guarantee amount (1-5 working days before the auction).
On the day of the auction, he logs in and submits his bids and the screen of his computer or mobile phone shows his current price, his last bid and his ranking.
If he succeeds in acquiring the property at auction, he will receive an email with the results and the next steps he should take.
The security is sent to the mortgage lender and they should contact them to continue the process.
If he does not succeed in obtaining it, he will receive an update email and his security deposit amount will be refunded (depending on the payment method).
Advantages of e-auctions
Regarding the advantages of electronic auctions, those interested in participating only need internet access and a computer/phone/tablet, while their physical presence at the auction is not required and complete anonymity of the participants is ensured.
The platform is easy to use, in Greek and English and telephone support is provided by the auctioneers as well as by a call center.
Natural or legal persons from all over the world can participate in the auctions.
With regard to Cyprus tax residents, the process of registering and certifying the details is fully automated using the Cylogin codes.
The guarantee amount can be paid by credit or debit card, while the auction process is controlled exclusively by the system and is not subject to human intervention.
As mentioned, by conducting only electronic auctions, the phenomena of bullying that took place in physical auctions were eliminated, the process is fair, transparent and fair to all bidders and the interest is growing (increase in candidate bidders – the price increases for the benefit of the debtor).
Besides, according to an announcement by the Association of Banks, this initiative is part of the wider framework of actions of the Association of Banks to provide detailed information on banking and financial issues that directly affect the financial sector and the Cypriot economy.
The goal remains, as noted, to strengthen cooperation with media officials, in order to ensure the valid and objective transfer of information to the public on important issues.
It is also stated that similar actions are planned for other issues that will be discussed in 2026. Following the presentation, an extensive discussion followed, during which journalists posed questions and received clarifications from experts, reaffirming the commitment of all parties to transparency and continuous dialogue.
CNA
