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Piraeus Bank Successfully Approves Sales of €3.8 Million via Open E-Auction

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Piraeus Bank successfully completed the sale of 26 properties in Greece, generating €3.8 million, via its third open e-auction on Thursday December, 14 2017. Piraeus Bank’s third open e-auction was conducted via https://www.properties4sale.gr/, the Bank’s innovative property auction website. 48 properties were featured on the website in total.

One week prior to the e-auction, 12 “Buy Now” bids were submitted for 6 properties online. These properties were removed from the online auction, prior to the auction day.

The remaining 42 properties went forward to e-auction. A total of 196 bids were submitted for 29 properties. The Bank approved the highest bids submitted for 20 properties. The overall sale price for the 26 properties, including those sold at “Buy Now” price, reached €3.8 million. More than 230 individuals, real-estate professionals of the field and companies expressed interest to participate.

Throughout its open e-auctions, Piraeus Bank offers financing to interested buyers.

George Kormas, Chief Executive Officer at Piraeus Real Estate, said: “We are pleased with the success of our third e-auction. We believe Greece’s real estate market presents a highly attractive opportunity for investors. Furthermore, these sales add further pace to the safe removal of properties from the Bank’s balance sheet. Allowing the Bank to channel liquidity back into the Greek economy.

“Online property auctions are a highly successful process worldwide. Greece’s e-auctions contribute significantly to enhancing real estate market activity, achieving price rationalization and stability. Not only that, the auctions are transparent, simple and fast, doing away with a lot of the bureaucracy associated with these types of property sales. Moreover, e-auctions help attract both domestic and foreign investors.”

Since introducing the first open e-auction platform in Greece in May 2017, Piraeus Bank received over 600 e-bids and approved sales of 84 properties generating more than €13 million.

Properties4sale.gr is already preparing for the next property auction, which will take place in March 2018. New properties will start being posted on the website in January 2018.

Notes to Editors

Piraeus Bank’s e-auctions conducted via https://www.properties4sale.gr/, the Bank’s innovative property auction website. Prior to auction day bids are considered on all properties at the published “Buy Now” price. Following the payment of a deposit on the Buy Now offers the relevant properties are removed from the e-auction website ahead of auction day. Those properties receiving more than one “Buy Now” bid are dealt with on a first come, first served basis.

In the period leading to the auction, prospective buyers can visit the properties on prearranged dates (open days). Additional open days are held for properties that generated increased interest. Real estate agents can become cooperating agents and register their clients via the platform.

This auction is Piraeus Bank’s third open e-auction. Bids accepted: 10:00 am, Wednesday 13 December 2017 - 4:00 pm, Thursday 14 December 2017.

Contact information

Piraeus Bank Group
George Papaioannou, Head of Press Office
+302103288830

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