Piraeus Bank Announces New Auction for Greek Real Estate Properties



Greek banks have intensified their efforts to sell properties owned by them through auctions after the summer lull, which was largely caused by the general elections in July.

Piraeus Bank, Greece’s largest lender, announced last week that it will hold its latest e-bidding event on November 20 & 21, 2019 via their website, properties4sale.gr.

According to the bank, 37 properties, including apartments, houses, shops and acreage from all over Greece will be available for sale to the highest bidder. The starting price of the properties ranges from €15.000 to €310.000, with a “Buy Now” option also being available.

Piraeus Bank has also indicated that it is willing to offer favorable financing terms for the purchase of a property.

In September, Greek banks completed a total of 2,100 electronic auctions, out of the total  of 3,080 properties that were offered for sale.

Market insiders say that banks are becoming tougher in their approach toward bad loans, as more and more properties valued at less than €100,000 are coming up for auction.

While some groups criticize it, the introduction of e-bidding has proved quite successful in the Greek real estate market, helping to enhance sales activity, to rationalize and stabilize pricing, and to ensure transparency as well attract local and foreign investment.