🇬🇷 Greece Auction Playbook

Overview

Greece's electronic auction system (eauction.gr) launched in 2018 and has grown rapidly. The market is driven by NPL (non-performing loan) portfolios being worked through by banks and servicers. Deep discounts are available, especially outside Athens, but due diligence is critical.

How Greek E-Auctions Work

1. 1

   All foreclosure auctions are conducted electronically through eauction.gr.

2. 2

   Properties are listed with a starting price set by a certified appraiser, typically at the property's commercial value.

3. 3

   Bidders must register on eauction.gr with a qualified electronic signature and deposit 30% of the starting price.

4. 4

   Auctions open on Wednesday at 10:00 and close at 14:00 (or later if bids are placed in the last 5 minutes).

5. 5

   Bidding increments are typically €1 or fixed amounts specified in the listing.

6. 6

   The winning bidder must pay the remaining 70% within 30 days.

7. 7

   The notary (who acts as the auction officer) issues the transfer deed. Registration at the Land Registry follows.