Online Auction Platforms for Repossessed Properties to Be Launched in Greece

Monday, April 24th, 2017
Last Update: 14:38

There is an abundance of properties that have come under Greece’s four systemic banks over the past few years as bad loans have led to foreclosures and repossessions. According to bank officials the repossessions due to non-performing loans (NPLs) are from loans that were taken by owners before the financial crisis and the properties amount to some 40 billion euros in value, reported.

With so many acquired properties, banks are now looking for ways to auction them off through an online platform for investors. The online advantage will help curb many additional costs and lenders are looking to launch the first online platform and auction of this kind this June.

The online platform will supply bidders with all the property details and the potential owners will also be able to visit the properties as well as make their offer online.

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