BUSINESS

Auctions growing in numbers by the month

EVGENIA TZORTZI

TAGS: Banking

September was a record month for auctions and the last quarter of the year points to a further expansion, as 6,425 auctions are scheduled, according to Axia Ventures Group.

After a long period of inactivity due to the elections and the summer lull, auctions returned in September with 3,195 having been scheduled for the month, up 18 percent annually.

The Axia data, collected from the e-auction online platform, showed that 2,193 auctions actually took place last month, also a record. This was up 2 percent from September 2018, while 945 were suspended and 57 were canceled. The schedule provides for 3,214 auctions this month, with almost as many planned for the last couple of months of the year.

Axia estimates that Greek banks are about to up their pace regarding auctions so as to meet their target, which is to conduct 25,000-30,000 over 2019. A total of 18,882 auctions were scheduled for the first nine months of the year, while 11,999 were actually implemented. Last year – when online auctions debuted – saw 22,447 auctions.

After the activation of the platform for the protection of primary residences, banks are determined to exhaust all judicial means leading to the auction of homes of borrowers who refuse to cooperate.

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