BUSINESS

Property auctions posted 7 pct rise in 2019

EVGENIA TZORTZI

TAGS: Banking, Economy

The number of property auctions grew 7 percent last year from 2018, reaching 18,421, according to data compiled by Axia Research. Over a third of them (6,422) were conducted in the last quarter, though this was down 11 percent from the last quarter of 2018.

The research company’s statistics show that up until Monday 4,238 auctions had already been scheduled for 2020; this figure is expected to grow considerably as new auction programs are constantly being added on the e-auction online platform by banks, bad-loan management companies and even individuals. The 4,238 scheduled auctions only concern the period up to the end of July and not the entire year.

Market expectations point to an acceleration in auctions as of May, after the deadline for main residence protection applications on the online platform.

In an interview with Naftemporiki newspaper, Finance Minister Christos Staikouras said that the new institutional framework for the settlement of debts and bankruptcy of individuals and corporations will apply from May 1 and its main feature will be the incorporation in a single system of all existing debt arrangement instruments.

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