An increasing number of buyers are turning to online house auctions as a way of broadening their options and getting the best the market has to offer by tapping repossessed property assets up for sale.
Low supply levels and high demand for houses are fuelling interest in buying a house online from forced sales as investors get more comfortable with online auctions, experts point out.
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Bidding online opens up a new range of options for investors looking for that bargain though legal experts stress the importance of first conducting thorough due diligence on assets confiscated from the previous owners due to unpaid debts.
Before we get into the nitty gritty of which online auction platforms operate in Greece, let’s have a look at some of the numbers of homes going under the hammer.
According to figures put together by the iMEdD Lab, 9,000 property auctions were held last year in deals totalling 1 billion euros. Most of the property, that ranged from apartments and houses through to retail stores and warehouses, was located in Athens, Thessaloniki, Patras, Volos and Chalkida.
Last year’s figures were a record high since the process went online a few years ago and could be beaten in 2023 following a recent decision by Greece’s Supreme Court clearing a legal loophole that had pulled the brakes on auctions. In addition to banks and debt management companies, Greek state bodies, such as the tax office, have become increasingly aggressive on confiscating and selling the assets of those who owe them money.
So where can you buy a property online? Let’s jump into it.
This is where the Greek state holds forced asset sales due to unpaid debts.
State e-auctions are held three times per week on Wednesday, Thursday and / or Friday from 10:00 am to 14.00 pm or from 14.00 pm until 18:00 pm.
What does the procedure involve?
In order to register and participate, bidders can sign up using a Greek VAT number via the TAXIS Net system. Those that have a non-Greek VAT number need to complete their registration by sending in by post the documents that certify the validity of the information that has been entered, the site specifies.
Some 173,000 auctions have been uploaded onto the system, with some 1,600 set to take place next week.
Bank auction sites
Each of Greece’s top four banks have launched platforms where they auction off property they own.
Investors can bid on one of the sites in an online process with lenders also often offering finance to help the sale go through. Mortgage lending in Greece, however, remains tight though, forcing many buyers to use their own cash means to finance their home purchase.
Homes from Piraeus Bank
Properties4sales.gr is run by Piraeus Bank, it was the first property auction platform to be launched by a Greek lender.
Interested parties can physically inspect the property on the Open Day nominated by the bank or through a 3D virtual visit while financing of up to 70% of the final purchase price, the bank says on its website.
Like any investment decision, doing your homework is crucial as the properties are sold on an ‘as is’ basis.
“You should review the documents provided on each property page and visit the property prior to the auction, as the properties are sold on a "as is" basis. You should also review the draft of the Pre-sale Agreement you will be asked to sign if your bid is successful,” the site says.
National Bank auctions
Realestateonline.gr belongs to National Bank of Greece (NBG) and currently has some 1,400 properties on its site, most of which are in Athens, with many though also in central Macedonia and western Greece.
Bidders can request information and receive the relevant lists of terms from the lender and can access information on the asset’s town planning data on the webpage, according to NBG.
Property visits can also be arranged after communicating with the lender.
Alpha Bank sells residential, commercial space
Propertynow.gr is Alpha Bank’s platform and includes residence, land, commercial, industrial, warehouses, tourism, parking areas and mixed use space.
To help with planning purposes, Alpha Bank also provides a loan calculator on the site, giving buyers the chance to work out monthly repayments depending on whether it’s a main residency or not, the amount of the loan, whether it will have a fixed or floating interest rate and the repayment period required.
More than 1,000 properties from Eurobank
On Findyourproperty.gr there are more than 1,000 properties throughout Greece are up for sale or rent via Eurobank’s property auction platform.
And one more auctions site to check out.
E-publicrealestate.gr
This one is run by the Hellenic Public Properties Company and the sales involve state owned assets.
Fewer properties come up for sale here than other sites that tend to be more specific, rather than aimed at the broader investor public, but still worth checking out.
More platforms
Apart from these auction sites, debt management companies have launched their own platforms selling properties.
They are not auction sites but offer an alternative to the regular real estate agent, by offering more homes for sale. Most of then are connected to a Greek banks and have taken on properties that ended up on their books in connection to bad debt.
https://www.altamiraproperties.gr/
https://www.cervedpropertyservices.com/el