There are properties worth over €1.5 billion on the market.

More than 7,000 properties, with a total value of more than €1.5 billion, are currently being offered on the market by banks, management companies and debt buyers, according to an analytical report by Cyprus-based fintech firm Ask Wire.

The fintech firm, which specializes in deep analysis of real estate data, used its own tool called Real Estate Dynamics (RED). This tool provides detailed information on the number, type, value and timing of properties available for sale in each area of Cyprus.

The data generated by the tool shows that there are currently 7,101 properties available for sale with a total value of €1.6 billion. The majority of the properties (42''percent), worth €836 million, have been offered for sale for more than two years, while 1,498 properties worth €250 million have been available for sale for 12 to 24 months. "This indicates that for a large number of properties there is limited liquidity in the market," the company said when releasing its results.

The vast majority of properties (72 percent) put up for sale by banks and debt management companies relate to land plots.

It should be noted that RED is a subscription-based tool that uses technology to collect, process and display individual real estate transactions and sales listings, making them available to developers, investors, brokers and appraisers. The tool takes into account over 22,000 listings and 140,000 transactions, allowing users to gain a comprehensive, reliable and independent picture of the real estate market across Cyprus.