The second open e-auction held by Piraeus Bank was successfully completed on Wednesday 25 October 2017, with 57 properties in total. The auction was conducted via https://www.properties4sale.gr/ , the Bank’s innovative property auction website.
Up until Tuesday 17 October 2017, one week before the start of the auction, interested parties had the chance to submit their bid at the “Buy Now” price indicated on the website, removing the respective properties from the online auction. By that stage, 16 “Buy Now” bids were submitted in total for 13 properties. Properties with more than one “Buy Now” bid were dealt with on a first come, first served basis.
As for the remaining 44 properties for sale after the end of the “Buy Now” option, the auction started at 10:00 am on Tuesday 24 October 2017 and ended at 4:00 pm on Wednesday 25 October 2017. For the properties that received bids minutes before the end of the auction, an extension was given so that interested buyers could have sufficient time to respond. In the end, a total of 216 bids were submitted for 28 properties. The Bank approved the highest bids submitted for 16 properties. The overall sale price for the 29 properties, including those sold at “Buy Now” price, exceeded €6 million.
Note that the Bank offered financing to interested buyers, both the ones who chose the “Buy Now” option and the ones who bought property via the auction. A total of 15 loans were preapproved. More than 270 individuals, real-estate professionals of the field and companies expressed interest to participate in the auction. Over 190 participation requests were approved. As for real estate agents, they had the opportunity to become cooperating agents and register their clients via the platform, without having to submit additional documentation. More than 60 real estate agents completed this process and were approved as cooperating agents.
In the period leading to the auction, prospective buyers had the opportunity to visit the properties on prearranged dates (open days). Additional open days were held for properties that generated increased interest. Overall, more than 200 interested parties visited auctioned properties.
The success of this second auction confirms that Piraeus Bank was right in continuing this innovative initiative to make best use of the properties owned by the Bank.
Electronic property auctions are a highly successful process worldwide, known to contribute significantly towards enhancing real estate market activity, achieving price rationalization and stability, promoting transparency and moving away from bureaucratic procedures. Moreover, e-auctions help attract both domestic and foreign investors. For the Bank, this process will free up liquidity that will be channeled into the economy and, at the same time, it will help make best use of the properties owned by the Bank, which would gradually lose their value if left undeveloped. In addition, the possibility of financing the property purchase promotes the success of the auction and enhances market activity.
Properties4sale.gr is already preparing for the next property auction, which will take place on 13 & 14 December 2017. New properties will start being posted on the website on Monday 6 November 2017.
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