Online property auctions (e-auctions) are about to make buying that villa or apartment in Greece even more affordable in 2018.
We’ve all seen those TV shows that follow people who snap up a bargain home at auction, saving themselves a considerable sum compared to the traditional buying process. If you’re thinking about purchasing a property in Greece you could join these savvy buyers from the comfort of your home back in Britain. That’s because there has been a surge in interest in the acquisition of Greek properties via online auction. This trend has been triggered by local banks who are trying to reduce their losses from non-performing loans by selling properties that have become vacant as a result.
There has been a surge in interest in the acquisition of Greek properties via online auction.
Overseas buyers return to Greece
A tantalising combination of affordable property, future capital gains, tourism growth and Greece’s expected exit from the bailout programme is tempting increasing numbers of overseas buyers into the property market here. Many of whom are considering purchasing property through cost-effective e-auctions next year.
Qualification for a golden visa
Another advantage is the low threshold of Greece’s golden visa scheme. Unlike countries such as Portugal where you must spend at least €500,000 on a property to obtain permanent residency, Greece only requires you to part with €250,000. Consequently, the bargain property prices offered at auction are less likely to hinder you chances of qualifying for a golden visa.
If you are ready to buy a home in Greece, you’ll have a few financial matters to sort out, the biggest of which is likely to be currency. For step-by-step guidance on changing your money and paying for your property, download the Property Buyer’s Guide to Currency.
e-auctions in 2018
While sales through e-auctions have been slow so far, the banks expect them to take off in the first quarter of 2018 to around 600-700 each week. According to one notary, one of the first properties sold this way was a luxury home in an Athens suburb for half its official valuation. The banks are giving priority to holiday homes and properties that were owned by strategic loan defaulters.
• No location limits: because e-auctions are held online you can participate from the UK if necessary.
• Transparency: the banks are required to submit information on the property, such as its title deeds, minimum prices, photos, videos and other legal factors, helping you make informed decisions.
• Low cost: the price of properties sold via e-auction is discounted.