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If you are interested in considering the investment of a real estate property in Greece via the state e-auction process, fill in your details and we will contact you immediately!
Real Estate Investment Opportunities
• A real property investment is of everlasting value.
• State e-auctions offer significant opportunities.
• State e-auctions are entirely lawful.
• State e-auctions are carried out transparently.
• There exist numerous real estate opportunities and options for investors.
• The real estate properties offered via e-auctions are regularly renewed.
• The prices of the offered real estate properties are at great discounts.
State e-auctions for real estate properties in Greece are a fact! They are carried out under the auspices of the Greek State via the official website www.eauction.gr, which bears the mark of the Notary Bar of the Appeal Courts of Athens, Piraeus, Aegean & Dodecanese. This is a great opportunity for those who wish to invest in real estate in Greece. As specialized legal consultants in real estate law and the e-auctions’ procedure, NEWLAW Law Firm is by your side at every step, before, during and after the conduct of the real estate e-auction in order to acquire real estate property in Greece and make your dream a reality.
municipalities in Thessaloniki
real estate properties this month
until the end of 2020
Frequently Asked Questions
What is a state e-auction?
It is a legal process via which the debtor's real estate and / or movable property is sold via an online auction to the highest bidder, in order to settle the debtor’s debts and satisfy his/her lenders, because he could not meet his/her financial obligations.
The guarantees provided by the state e-auction remain the same as the traditional "live auction" which took place in the Courts during 2008-2019.
The only thing that has changed is the way it is conducted. State e-auctions take place now electronically by a certified Auction Officer (competent notary).
When is the state e-auction held?
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.
Why would I prefer to buy a property through a state e-auction?
Because it is a smart, safe and profitable investment option for the buyer. The initial bid price corresponds to 2/3 of the commercial value of the real estate property according to the certified real estate evaluator’s report. Therefore, the initial bid price has a staggering 33% discount on the current market value of the property that one would have to pay under normal circumstances.
Moreover, if the e-auction is declared ‘barren’ at least twice, there might be a further significant reduction in the price of the real estate property, so the discount on the original starting price of the auction may be even greater than the aforementioned 33% discount!
Furthermore, when one purchases a real estate property via a state e-auction, the buyer receives the property ‘pure’, i.e. free of mortgages or liens, because after the award of an e-auction, any such legal burdens and obligations upon the said property are extinguished.
Why do you need a lawyer?
The participation of a lawyer during the conduct of a state e-auction is important for the examination and analysis of all legal and / or practical issues that arise before, during, and after the end of the e-auction process.
The lawyer assists the interested party at all stages of the process.
While searching for real estate property and depending on the criteria set by the potential buyer, a real estate lawyer is there to provide the requisite legal advice and help the investor to make the right choice(s).
Subsequently, after assessing the auctioned real estate properties and inspecting the legal titles of the said property, the specialised lawyer provides security during all stages of the state e-auction, i.e. when submitting the application for participation, during the conduct of the state e-auction, the award of the real-estate property to the highest bidder-investor and finally the transfer of the real estate property ownership to him (e-auction final completion).
Therefore, given the seriousness and importance that characterize the purchase of a real estate property, legal assistance and advice provided by a specialized law professional can be critical for the successful participation in a Greek state e-auction.
How reliable is the new e-auction process compared to the previous ‘classic’ one?
The state e-auctions introduced in 2019 enhanced the transparency and security of the auction process overall. They are carried out under the auspices of the Greek State via the official website www.eauction.gr, which bears the mark of the Notary Bar of the Appeal Courts of Athens, Piraeus, Aegean & Dodecanese. The e-auction process provides increased security to potential bidders-investors who, upon the completion of the state e-auction, are immediately informed of its outcome and may obtain an official copy of the e-auction’s report.
How much can a price of an auctioned real estate property go up?
Depending on the real interest in acquiring the real estate property from prospective buyers, successive bids are submitted. The bidders are continually bidding higher than the last highest offer until the bidding deadline.
Can a state e-auction be suspended or stopped?
The Competent Auction Officer may, at his discretion, suspend, cancel or stop the auction. In this case, the participating bidders are notified by a message and their deposited monies are returned.