ARTICLES

AUCTIONS IN GREECE | HOW TO PARTICIPATE

PROPERTY AUCTIONS IN GREECE

Learn how an interested party can participate in a property auction in Greece, and how to pro-tect their interests through our legal advice.

27 March 2025

ANNA A. KORAKI & ASSOCIATES – LAW FIRM

How could an interested party participate in an auction?

Once the interested party has selected the property he/she wants, he/she must follow these steps:

Register and login to the online platform
Submit the Application Form
Send supporting documents
Receive an approval for their application (comes after the deposit of the guarantee, 1-2 days before the auction)

Will the interested party have to pay a fee to participate in the auction?

In order to be able to participate in the auction, the interested party will have to pay a deposit that corresponds to 30% of the first bidding price. The deposit must be paid three working days before the auction date, i.e. practically the last Friday before the Wednesday or Thursday on which the auction takes place.

The amount shall be deposited in a special business account held by the auctioneer.

What happens if the property is not awarded to the interested party but to someone else?

If the property is not awarded to the highest bidder, the notary will return the amount paid as deposit to the bidder within 1-2 working days.

If the property is awarded to the interested party, when does he/she have to pay the full amount?

The amount of the bid must be paid within 15 days of the award.

Is the assistance of a lawyer necessary for participating in an auction?

The legal advice of an experienced lawyer in auction matters is considered necessary in order to complete all necessary actions through the online platform (communication with a notary, legal check of the property, etc.)

How long does the bidding process last?

The duration of the auction is set by law at 4 hours. However, there are exceptions as detailed in the relevant legislation

When does the successful bidder acquire ownership of the property?

After the award, the payment of the corresponding amount and the transcription of the award summary, the transfer of the property to the new owner is completed.

What is the cost for transcription?

The transcription cost is calculated as follows: 5 per thousand plus 24% VAT on the value of the price in case of Mortgage Registry and 6 per thousand plus VAT in case of Land Registry.

For more information, please contact us to make an appointment at our Law Firm’s head of-fice for further clarifications and information on the process of participating in an auction, in-cluding how to protect your interests through our legal consultancy.

Please note that, under the Lawyer’s Code, lawyers are not allowed to provide legal advice without the appropriate fee (article 57 of Law 4194/2013).

Our experienced legal team and group of associates (engineers, notaries, assessors, realtors), highly qualified in terms of Banking/Civil Law and much trained in cases of auctions and real estate bidding processes, will be a valuable partner for those that wish to participate in auctions for acquiring a real estate.

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