BUSINESS

Property auctions to increase by year-end

PROKOPIS HATZINIKOLAOU

TAGS: Finance

The state is planning to auction 31 properties between October 17 and December 19, and according to sources this figure may grow considerably, as besides the increase in bank account confiscations and asset freezes, the Independent Authority for Public Revenue is increasing the pace of online auctions too.

This means the situation for some 1.7 million tax debtors who are liable to have their assets confiscated is likely to get worse. Data analysis shows that November is the month with the highest number of online auctions scheduled, while the properties of debtors that the state will put up for sale will number more than 100 by the end of the year.

The starting price at each auction will be the market value of each property as determined by a court official or a chartered surveyor.

Debtors can still stop the auction process for their own assets, as well as the imposition of any other forced measures by the tax administration. For that to happen they will have to enter 12- or 24-installment repayment schemes (depending on the type of debt) and pay the amount due every month.

Online