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REMU reportedly agreed to sell property of €3m

REMU, the Real Estate Management Unit of the of Bank of Cyprus, reportedly agreed with a group of investors the sale of a large property in Aglantzia worth €3 m.

The property with a total area of 3,581 sq.m, is located very close to the Academy Park, on Aglantzias Avenue. The property is divided into two urban zones. Specifically, the 2,112 sq.m. are in a commercial area and have a building factor of 140% and coverage of 50%, which allows the construction of a four-storey building, with a maximum height of 17 meters. The remaining 1,469 sq.m. are in a residential area, with a building factor of 120% and coverage of 50%, which allows the construction of a building with a maximum height of 13.5 meters.

Lately there has been mobility in the sales of expensive real estate that Cypriot banks have in their portfolio.

Original Source: Philenews.com

Adaptation/Summary: Kiki Athanasiadis

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