Greek News Economy Low Cost Homes to be Auctioned, Despite Government's Claim of Primary Residence...

Low Cost Homes to be Auctioned, Despite Government's Claim of Primary Residence Protection

Greek society continues to react as foreclosed homes that are worth less than 100,000 euros are to be auctioned, despite the Greek government’s claim that primary residences worth below 300,000 euros are protected.
Several cases of foreclosed properties that are worth less than 100,000 euros, even 50,000 euros, are filed at county courts across Greece.
The threshold of 300,000 euros for the protection of primary residences expires at the end of the year, and as of 2018 it will fall to 200,000. However, there are several properties that are valued at less than 100,000 euros in auction lists. They concern properties acquired with business loans or properties of guarantors of bad debtors that are not protected by the Katseli law for insolvent households.
On Wednesday several online auctions are scheduled to take place. At the same time, 270 auctions will take place at county courts with the government bracing for fierce reactions from solidarity groups that oppose the auctions. The procedures will take place with strong police forces guarding outside the courts.
The Single Supervisory Mechanism of the European Central Bank requires from the Greek government to conduct at least 3,000 online auctions through March. Starting in January 2018, there will be 500-700 real estate property auctions per month, and gradually to reach 2,000 per month in September 2018.

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