Gov’t plans e-auction overhaul

Gov’t plans e-auction overhaul

The government is about to reform the system for conducting property auctions so as to render the assets available more attractive and to generate more buyer interest through the online platform e-auction.

Kathimerini understands that there are four main changes the government is planning to introduce. The first concerns the option of having multiple buyers acquiring a share in the same property. This is going to facilitate the concession of high-value properties requiring an investment of significant funds that a single buyer may find challenging.

Another will be the automatic reduction of a property’s price after each fruitless auction. This is expected to ease the sale of the asset and accelerate the time of concession, because it will not require a court decision for the starting price to drop as it does today.

The government will also enrich the information on the properties supplied on the e-auction platform, so as to offer potential buyers a better picture, while every asset to be put up for auction will have to come with a report by a chartered surveyor as well as photographs to give buyers a more complete picture.

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