Funds trying to offload properties
The funds that have bought Greek banks’ non-performing loans now possess about 700,000 properties with an estimated worth of 40-45 billion euros.
Analysts estimate that 25%-30% of these properties, or about 200,000, will be auctioned off.
But, as recent results show, there are few takers at the offered prices. In the first half of 2022, 23,360 properties were put on the block through the e-auction platform. Of those, 17,620 actually took place. And in 13,430 cases (76.2%) there were no takers.
The huge numbers of properties transferred to distressed loan funds has led many of them, such as doValue, Intrum and Davidson Kempner, to set up real estate operations to sell them through special platforms. Often, the sales take place in agreement with their debtors, who want their loan burden lightened.
