The Greek government is reportedly in the final stages of preparation for a new legal framework to execute all property auctions via an online electronic format, something that will abolish the current process in local courts (eirinodikia) around the country.
Systematic protests and mobilizations by groups opposed to all types of property auctions, combined with decisions by notaries’ associations to abstain from the process – usually held every Wednesday – have blocked numerous auctions for months, after a moratorium was lifted.
An inability, primarily by lien-holding banks, to auction off foreclosed real estate has removed one of the primary tools utilized by credit institutions to try and reduce a “mountain” of bad debt in the country.
Last week’s attempt at the main Athens court complex to conduct auctions was accompanied by violent protests, with riot police using tear gas inside a building to disperse demonstrators.
Notaries’ associations have supported the idea of shifting from the current system to an online process, given the fact that several offices have been destroyed over the recent period by protesters and several notaries have been threatened.
A current platform available via the Athens Bar Association has only limited capabilities, such as a maximum of five property auctions per day.
Contrary to the traditional process of an auction in a court setting, e-auctions have attracted acute interest on the part of would-be buyers. The finance ministry’s current platform features 129 properties up for auction through an online process. Additionally, e-auctions will take place on Thursdays and Fridays, as well.
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Photo Source: Wikimedia Commons Copyright: Tilemahos Efthimiadis License: CC-BY-SA
Source: naftemporiki.g
