Online home auctions must wait until the end of the year

With the first online property auctions at least three months away, more than 200 auctions are scheduled to take place on Wednesday in the conventional way, in the physical presence of notaries.

According to official data, there will be 215 auctions on Wednesday out of the 3,745 already planned, some of which will take place through the new system when it finally starts operating.

The banks or other parties calling for each auction can request that it wait until the transition to the electronic system, which is expected to start operating from the end of this year. Electronic auctions concerning properties already scheduled are expected to be in full swing within the first quarter of 2018, while new ones will have been announced, although the latter will have to wait for some six months before the sales actually take place.

The online platform for auctions is already technically ready, according to the president of the Coordinating Committee of Notaries Associations, Giorgos Rouskas. The platform will be presented to the representatives of the country’s creditors in the second half of September to receive the final approval, while the training of notaries in the use of the new system has already begun.