Mandatory e-auctions of seized properties

ΔΗΜΟΣΙΕΥΣΗ: 13/01/2018 00:49 |
Mandatory e-auctions of seized properties

Mandatory e-auctions of seized properties to pay debts to the state will begin on 1 May, 2018, according to a last-minute amendment to the omnibus bill that the government plans to pass on Monday to meet commitments it has made to Greece’s creditors.

The omnibus bill states that the lowest bid for a property will be its commercial value, and not the tax office valuation value that was set before the crisis led to a crash of real estate prices in Greece.

E-auctions for debts to banks and private creditors will begin on 21 February:

The bill also extends from to 20 to 40 days the deadline of the period before which debtors must be informed of the upcoming auctions of their properties.

Requirements perceived as outdated, formalistic preconditions for conducting an auction, such as pinning the announcement to the debtor’s door in public view and publishing the announcement in a newspaper, will be abolished and replaced with an electronic publication of auctions schedules