Who are the biggest property owners today?

Opinion banksCyprus problemhousingproperties Who are the biggest property owners today? Pefths Akinhta 1024x681 Relevant News Colonial-style threats against journalists by a judge 3 July 2026 Who are the biggest property owners today? 3 July 2026 The landscape is changing in Cyprus’ exclusive economic zone 3 July 2026 Aristos Michaelides 3 July 2026 FacebookXWhatsAppEmailPrintViber When I told a politician that something had to be done about people’s homes ending up in the hands of credit acquisition companies, he was sure I was exaggerating. “Only about a hundred and fifty primary residences have been sold off,” he said. But the problem was never the foreclosures themselves. The real issue is that citizens and businesses are handing over properties — yes, even their primary homes — “voluntarily” to these companies to free themselves from inflated loans. And now we have the numbers. For the first time, the Central Bank released figures: by the end of March two thousand and twenty-six, Credit Acquisition Companies owned 8,014 properties worth a total market value of 968 million euros, mostly recovered from non-performing loans. “Recovered collateral,” they call it — sounds more polite. These companies, almost all foreign-owned, are now among the largest, if not the largest, property owners in Cyprus. We’ve returned to the era of the big landowners. And there’s more to come: fifty-five thousand households and nine thousand two hundred businesses are still carrying red loans. This has been a major factor shaping the property market, alongside all the other pressures we’ve reported on repeatedly: universities with thousands of students lacking housing, foreign companies with highly paid staff… When these companies hold 8,014 properties, which they naturally try to sell, someone needs to explain how this impacts the property market — rents, sales, the lot. It certainly has an effect, and not a positive one. We were flagging this when our MPs were drafting the relevant legislation, yet they ignored it. Now that the consequences are visible, of course, they throw up their hands. Meanwhile, the public erupts over foreign buyers — Israelis, other foreigners, even Europeans — snapping up property. As recently in Trozena, where our sense of outrage flared. But when five or six Credit Acquisition Companies from the United States, the Netherlands, or Sweden own 8,014 properties, no one bats an eye. Why? Because the narrative stuck in our heads is that these fifty-five thousand households and nine thousand two hundred businesses with red loans are “strategic defaulters,” while the companies are charitable foundations, taking properties to relieve people of debt — without bearing maintenance costs. Cypriots have a historic opportunity — but Holguín is playing games Maria Ángela Holguín spoke again — the person on whom we pinned all hopes for a breakthrough. “I sincerely hope that this time the Cypriots will seize this historic opportunity to negotiate a lasting solution,” she said in a written statement following her recent meetings. She reiterated her call for Cypriots to plan together a shared future of prosperity and security, one that respects their rights and interests. But what hope is there when United Nations mediators truly believe Cypriots can capitalise on a historic opportunity? When they refuse to see the real problem and instead fall back on wishful thinking and romantic visions of a joint future. They cannot recognise the tens of thousands of occupying troops standing among Cypriots. They cannot hear the leaders of occupying Turkey, who half a century after the invasion continue to threaten a handful of Greek Cypriots. How can Cypriots plan the future of their homeland when it is Turkey’s army trying to dictate it? Not once does Holguín or Guterres mention Turkey. It’s as if it has vanished from Cyprus, leaving nothing but the two communities to “find common ground.” “The continuous and genuine political will of the two leaders, supported by their communities, will remain a necessary condition for a successful outcome,” she says. Occupation — yes, occupation — and Turkish plans to turn Cyprus into a protectorate. What Cypriot will? What political will? Give me a break. Subscribe to our Newsletter Latest News Colonial-style threats against journalists by a judge The landscape is changing in Cyprus’ exclusive economic zone Father, son and daughter detained over 122 abuse charges as police seek missing siblings Mea Culpa (*) Church of Cyprus set to revive Apostle Paul relic transfer to Paphos Nicosia residents oppose plan for migrant minors’ housing centre Karpasia donkeys to be microchipped and rehoused under new plan Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.