Piraeus Bank Successfully Approves Property Sales of €17.2 Million via Open E-Auctions in first 9 months since launch
Piraeus Bank, in cooperation with Piraeus Real Estate, completed its fourth e-auction on March 20-21. The Bank approved bids for 33 properties, with the overall sale price for these properties totaling €3.8 million. The success of the latest e-auction has resulted in the total number of approved sales reaching €17.2m since the Bank launched its innovative e-auction site in June last year.
Forty-nine properties were available in the latest e-auction. Thirteen “Buy Now” bids were submitted for 13 properties online, resulting in these properties being removed from the online auction, prior to the auction day. Sixty-eight offers were submitted at the “Buy Now” price, while 206 bids were submitted for the other 24 properties.
In June 2017, Piraeus Bank was the first bank to launch an e-auction site in Greece. Since the launch, the Bank has found that sales have been steadily rising. During the first auction, 50% of the properties displayed were sold, while during the latest auction 67% of the properties were sold.
More than 460 individuals and legal entities expressed an interest in participating in the fourth open electronic auction. Domestic and foreign investors from China, Germany, Canada, Serbia and the United Kingdom submitted bids and in some cases bid on several properties.
George Kormas, Chief Executive Officer at Piraeus Real Estate, said: “Our introduction of e-auctions to the Greek real estate market has made a significant contribution to investment and sales activity. We are very much encouraged by the increasing success of these e-auctions in Greece. For us, the introduction of the e-auction to the Greek market was an essential next step. Online real estate auctions have been proven to enhance sales activity, rationalize and stabilize pricing, ensure transparency. They are also an excellent way to attract the best local and foreign investment. The online auctions also release liquidity, which is then channeled into the wider-economy and is a cornerstone to recovery.”
Throughout its open e-auctions, Piraeus Bank offers financing to interested buyers.
Properties4sale.gr is already preparing for the next property auction, which will take place in June 2018. New properties will start being posted the upcoming period.