ECONOMY

Home auction ban to go?

The issue of lifting the ban on auctions of main domiciles that have been foreclosed on opened on Tuesday in Parliament as Deputy Development Minister Thanasis Skordas referred to a gradual easing of the measure in order to avoid a major impact on the property market.

The protection measure for owners of homes with a maximum objective value of 200,000 euros has been renewed every year since 2009 to stop their auction by banks. However the state still reserves this right.

The lifting of the ban has been a longstanding demand of Greece’s creditors, who insist that it be rescinded next year. Skordas stressed there is no chance of that happening this year.

The government is reportedly considering reducing the 200,000-euro threshold or setting a limit of 100 square meters in order to protect small homes.