Properties Belonging to Known Greek Businessmen Auctioned by the State



primaryresidentceauctions

The website of the General Secretary of Public Revenues is packed with properties belonging to known businessmen who have outstanding debts to the Greek state. Their starting prices are very high, as Greek law sets the starting prices of auctioned properties at their assessed value, not their commercial value.

The result is little or no interest from buyers, an inability of the State to sell properties and the reluctance of borrowers to ease the burden of their debts.

Until December 10, the Control Center of Large Properties at Tax Registry Offices and other branches of the General Secretary of State Revenues are promoting the sale of 37 different properties – among them, vacation houses, terraced houses, a quarry, a hotel and several plots of countryside land. All belong to individuals or legal entities who owe the state more than 300,000 euros.

Among the auctioned properties are 14 belonging to Anthony Carouzos’s clothing company. One piece of property is the company’s well-known store in Kolonaki. The starting price is 4,168 million euros.

Also up for auction is an apartment in the city of Thessaloniki belonging to businessman Prodromos Emfietzoglou. Located on the seventh floor of a high-rise on Alexander the Great Avenue, the apartment is 163 square meters. Its starting price is 650,000 euros.

After an agreement with Greece’s troika of international lenders, the starting price of auctions will be set at two-thirds of the assessed property value. If there are no buyers, the auction will be repeated in 15 days at a 50 percent reduced price. If there continues to be no interest from buyers, a starting price will be determined by courts.


1 COMMENT

  1. How about having no reserve “set” price before the auction and allow the market to determine what the properties are worth. These trial balloon auctions are a waste of time and people with money and the will to invest have better things to do than wait for the government to bid against itself until a realistic value below 50% of the assessed value.