Piraeus Bank to auction 42 properties in July

Piraeus Bank to auction 42 properties in July

Piraeus Bank, Greece's largest lender, is scheduled to auction online a batch of 42 properties on July 9-10.

As part of plans to lower bad loans and sell off properties left on the bank's balance sheet, Piraeus Bank regularly sells real estate assets on its online auction platform (Properties4Sale.gr)

Starting prices for property to be auctioned ranges between 13,000 euros to 560,000 euros. The assets are located across Greece and include apartments, split level homes and blocks of land.

In previous online auctions, Piraeus Bank has sold about 60 percent of properties put up for sale.

Greek banks are picking up efforts to reduce non performing loans in order to meet tougher bad loan reduction targets set by European regulators.

As a result, more than 100,000 properties are expected to fall into the posession of Greece's top four lenders over the next three years, according to some estimates. These homes will either be managed, or sold off, by the banks in what could create downward pressures on real estate prices which have been moving steadily higher in the last 18 months or so.

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