The auctions that come by category – Properties, cars, parking, ships

By Leonidas Stergiou

The volume of auctions is increasing until the end of the year, after two major changes brought by the new Code of Civil Procedure that has already been published in the Official Gazette.The first change concerns the automatic reduction of prices, after two fruitless auctions. In the third, the price automatically falls by 20% and if there is no interest, then the first offer price is reduced by an additional 15%. The second change enables the acquisition of a property by many buyers, involving each interested party at its own rate, facilitating the auctions of high value assets.

For the fourth quarter of the year, approximately 8,500 auctions of movable and immovable assets are planned, from which coronary and vulnerable debtors are excluded. It is noted that the new bankruptcy law defines the concept of vulnerable and in order to be protected one must meet the criteria (eg income up to 21,000 euros) and apply to the special platform of the Special Secretariat for Private Debt Management. Without the issuance of this certificate there is no protection. To date, only 17 certificates have been issued.

Of the 8,500 auctions, 3,461 have been posted on the online platform. Almost all cases involve proceedings one to two years before the pandemic. Includes 3,426 properties (from homes to parcels, hotels and parking spaces) and 35 movable assets, such as ships, cars and mechanical equipment.

Real estate

Most properties are residential, with most cases of high value belonging to either real estate agencies, businesses or more than one individual. Particularly:

– 1,364 houses from a first offer price of 200 euros (Chalandri) to 2.6 million euros in Mykonos.

– 100 business premises from 1000 euros in Epirus to 4.8 million euros in Maroussi.

– 212 stores from 1,400 euros in Kalamata to 660,000 euros in Maroussi

– 68 offices from 11,120 euros in Ilion to 653,820 euros in Kallithea.

– 147 parking spaces from 55 euros in Chalkida to 135,000 euros in Menemeni.

– 268 warehouses from 2,000 euros in Corinth to 211,318 euros in Kallithea

– 69 industrial sites from 20,000 euros in Kilkis to 5.8 million euros in Peania

– 359 plots with buildings from 120 euros in Thrace to 3.73 million euros in Athens.

– 310 plots of land from 125 euros in Thrace to 2.6 million euros in Acharnes.

132 plots of land with buildings from 3,550 euros in Western Macedonia to 5 million euros in Pylea.

32 hotel units from 15,400 euros in Grevena to 9 million euros in Ierapetra.

Securities

– 2 ships from 12,000 euros to 2.5 million euros

– 33 other securities, such as cars, motorcycles, mechanical equipment, etc., from 140 euros to 500,000 euros.

60 auctions

For Friday, November 5, 60 auctions were scheduled, all of which concern real estate. These are 19 houses, 5 shops, 5 parking spaces, 6 warehouses, 3 industrial spaces, 2 plots, 6 plots with a building, 7 plots, 5 plots with a building and 2 hotel units.

New Code of Civil Procedure

The changes to the new code are expected to speed up procedures and reduce fruitless auctions. It is also indicative that out of the 9,000 auctions scheduled from the beginning of the year until September 31, only 3,600 were awarded to bidders. A large part was canceled due to lack of interest, another was withdrawn as the debtor paid his debt at the last minute, while a third part was postponed either through legal actions (eg “tail” of the Katselis law) or there were legal and other procedural problems. June 1, with the start of the new bankruptcy, there was a suspension of all protection against auctions, except for the vulnerable and the crowned and residents affected by the summer fires.