The first open real estate e-auction process in Greece, launched by Piraeus Bank on its new website properties4sale.gr, was successfully completed. The website launched on 9 May 2017, showcasing the Bank’s first 58 real estate properties for auction.
Until 21 June 2017 -a week prior to the commencement of the auction process- interested buyers were able to make their offer via a “Buy Now” option on the site, withdrawing the real estate property from the auction process. At that stage, a total of 16 "Buy-Now" offers were made for 9 properties.
For the 49 remaining real estate properties, the auction commenced on 27 June and ended the next day. Piraeus Bank approved the highest offers for 20 real estate properties. The total sale price for the 29 real estate properties, including those that had been agreed at the “Buy Now” price, exceeded €3m. It is noted that the Bank offered loans to interested buyers either for the “Buy Now” option or via the auction process.
With regard to real estate agents, they had the opportunity to submit their request for collaboration on the platform and to register their clients. The collaboration request process was completed by 60 real estate agents.
In the period preceding the auction, interested buyers were able to visit the real estate property on predetermined dates (open days).
The success of the first auction vindicates Piraeus Bank’s decision to proceed with this innovative initiative for the sale of its real estate properties. Real estate e-auctions are a highly successful international process that has proven to contribute significantly to enhancing real estate sales activity, rationalizing and stabilizing prices, and ensuring transparency and cutting through red tape. It has also been shown to attract both local and foreign investors.
For Piraeus Bank, the process releases liquidity to be channelled to the economy, while facilitating the sale of Bank-held real estate which was trapping capital and value. Moreover, the financing of the property market supports the success of the process and enhances market activity.
