Foreclosure

This Friday the E-Auction online platform for foreclosures will for the first time also open for the state, which will start using the tool to pressure major debtors to settle their arrears to the tax authorities.

April 27 will see the first online auction of a property over debts to the tax authorities, following the successful implementation of electronic foreclosures to recover debts to banks and individuals.

The Greek real estate market is currently quite fragmented, as 2017 signaled the recovery of certain categories, the stabilization of others and the continued decline of the rest of the market.

Businesses and individuals who make sure they have honored their obligations toward the taxman have every reason to be outraged.

For example, entrepreneurs who make their loan repayments on time feel stupid when banks offer privileged terms to businesses that have been badly managed and which are obviously unsustainable.

Greece's largest commerce and legal associations have urged the government to urgently reform laws protecting distressed mortgage holders, warning that tens of thousands of struggling families could lose their homes this year.

Eight in 10 foreclosed properties put up for auction by banks are acquired by the lenders themselves, as prices are failing to attract private buyers.

Greece's creditors on Friday gave the green light for the completion of the country's bailout review, paving the way for the disbursement of further rescue loans.

A group of people protesting property foreclosures stormed the premises of the Bank of Greece in central Athens on Wednesday.

The protesters - about 25 individuals believed to be members of the "I Won't Pay" movement - were carrying banners with slogans opposing the auction of properties belonging to debt-racked Greeks and handed out fliers with similar messages to passers-by.

Greek banks are asking for tax reductions and exemptions for the properties they buy at auction, in a bid to reduce the cost of purchase and maintenance of the assets they obtain.

Scuffles break out outside a notary office in central Athens on Wednesday. Police said that eight members of the "Won't Pay" movement were detained as they attempted to disrupt electronic auctions of foreclosed properties at a notary office on Kapodistriou Street in the city center. All property auctions are gradually being transferred to the online platform.