5,000 Greek Properties Under the Electronic Auction System by End of 2017

Despite the SYRIZA-led government’s promises that no house will be repossessed and sold by the banks, the new system of online real estate auctions will begin in September.

Electronic auctions will take place every Wednesday, Thursday and Friday and with extended hours from early in the morning until late in the afternoon.

In the first phase, 5,000 properties will be auctioned by the end of the year.

Auctions of foreclosed properties to settle bad debts are seen as key to returning Greek banks to health by helping reduce the burden of non-performing loans.

These currently stand at roughly 110 billion euros, or 50 percent of the banks’ total loans.

Under pressure from its lenders, in the summer of 2016 the Greek government passed measures allowing the sale of delinquent mortgages and small business loans to international funds, a move seen by many as yet another betrayal by the SYRIZA-led government.