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11th September, 2018

CIB selling real estate online



Recovery, the subsidiary of the CIB group which sells buildings taken over by the bank after failed mortgage repayments, is selling properties online for the seventh occasion, the bank group announced on Monday.

Most of the 50 properties on offer are retail units with a price tag below Ft 250 million.

The online auctions last for a month but a fixed-price instant purchase function will be in effect from September 17.

If selling the buildings at the instant price fails then a 27-hour auction starts on October 8 with prices reduced to 65% of the instant price.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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