ECONOMY

Changes in property auctions

changes-in-property-auctions

Prices of auctioned-off properties seized from delinquent debtors will drop automatically if there are no takers during the first two rounds of an auction, according to the new Code of Civil Procedure.

The code, which is still at the public consulting stage but is expected to be applied from next month, says that if there are no takers for the property in the first or second auction, the bank or debt collecting agency can buy the property at the asking price. If they do not apply to buy, the ask price drops to 80% of the original at a third auction and 65% at a fourth.

Property auctions will resume in September after a pause during the pandemic. Those who have suffered due to the recent fires or have an annual income below a certain threshold (€7,000 to €21,000, depending on the number of household members) must apply online for an exemption.