Buying Property at Auction in Greece: A Guide for Overseas Investors

Greece's judicial property auction market has undergone a major transformation in recent years. Following a decade-long debt crisis and a subsequent surge in mortgage non-performing loans (NPLs) — at their peak, Greek banks held NPL ratios of 45–50% — the Greek government introduced a fully electronic auction platform (e-Πλειστηριασμός) in 2017. This platform has made Greek property auctions among the most digitally accessible in Europe, allowing participation by registered users from anywhere in the world. For overseas investors, this is a meaningful development that opens a genuine pathway to Greek property at auction-driven prices. This guide explains how to use it.

The e-Πλειστηριασμός Platform

The Electronic Auction System (Ηλεκτρονικός Πλειστηριασμός) operates at www.eauction.gr — the official portal managed by the Hellenic Republic under the auspices of the Ministry of Finance. Notaries registered with the Greek Notarial Association conduct auctions on the platform; court-ordered judicial auctions, bank NPL enforcement auctions, and certain administrative disposals all pass through this system.

The platform is available in Greek only (as of 2026), but the interface is navigable with translation assistance, and a growing number of Greek notaries and property agents offer English-language support for foreign bidders.

Why This Matters

Greece's NPL resolution has generated an enormous inventory of auction property over the past decade. Servicers (Cepal, doValue, Intrum — the companies managing Greek bank NPLs) have been mandated to resolve their portfolios, with property auctions a primary mechanism. The volume of Greek property coming to auction has been substantial, creating genuine opportunity for well-prepared buyers.

How Greek Property Auctions Work

Legal Framework

Greek judicial property auctions are governed by the Code of Civil Procedure (Κώδικας Πολιτικής Δικονομίας) as significantly amended by Law 4335/2015 (which introduced the electronic auction system) and subsequent amendments. The process is:

1. Court order — a creditor obtains an enforcement title (typically a court judgment or notarial mortgage enforcement certificate)
2. Property attachment — the property is formally seized (kataschesi)
3. Auction announcement — published on the eauction.gr platform at least 30 days before the auction date, with all property details, the assigned notary, the starting price, and the deposit requirement
4. Registration and deposit — bidders register on the platform, complete identity verification, and deposit 30% of the starting price in a designated escrow account before the bidding window opens
5. Online bidding — conducted over a defined period (typically a few hours to a day) on the platform
6. Award and completion — the highest bidder is awarded the property; the balance of the purchase price must be paid within a specified period (typically 15 days for the remainder of the deposit balance and a further period for the full balance)

Starting Prices

The starting price is set at 2/3 (approximately 67%) of the court-assessed value of the property. If the first auction receives no successful bid, a second auction is held at 50% of the original court-assessed value. This two-tier process means that properties in less attractive locations or with complex circumstances may be available at very significant discounts to independently assessed market values.

In competitive areas — particularly Attica (Athens), the Ionian Islands, and the Cyclades — active bidding can push prices above the starting level to values that may approach or exceed private treaty equivalents.

Who Can Bid: Access for Overseas Investors

eauction.gr requires bidders to have a Greek tax registration number (AFM) and a TAXISNET login (the Greek government's digital tax portal). This means:

• Greek residents and citizens can access the system directly
• Non-resident EU nationals need to obtain an AFM from the Greek Tax Authority (AADE) and register on TAXISNET — a process that can be completed with the assistance of a Greek tax representative or accountant
• Non-EU nationals follow the same process; there are no restrictions on non-EU nationals bidding on Greek property auctions

In practice, overseas investors typically work with a Greek lawyer or notary who registers and bids on their behalf through a power of attorney. This is the simplest and most reliable approach — the legal and administrative process of registering on the platform is handled locally, and the overseas investor instructs their representative on bidding limits.

Deposit Requirements

The deposit for Greek eauction bidding is 30% of the starting price, transferred to a notarial escrow account before the bidding window. This is a significant upfront commitment:

• If you do not win the auction, the deposit is returned (typically within a few business days)
• If you win and then fail to complete payment of the balance, you forfeit the deposit

For significant properties, 30% of the starting price can represent a very large sum. Ensure funds are arranged and can be transferred to a Greek bank account before the bidding window opens.

Due Diligence Before Bidding

All the standard warnings about pre-bid due diligence apply with particular force in the Greek context:

Property Registry search — obtain an Aposmima (title extract) from the relevant Land Registry (Ktimatologio where operational, or the older Hypothikofilakio system in areas not yet transferred to Ktimatologio). Verify title, existing mortgages, and registered encumbrances.

Ktimatologio — Greece's modern cadastral land register (Κτηματολόγιο) is being progressively rolled out nationally but is not yet complete in all areas. Where the Ktimatologio is operational, it provides the definitive title record. In areas still using the old mortgage registry, title searches are more complex.

Outstanding encumbrances — understand which encumbrances are extinguished by the auction sale. Under Greek law, the foreclosing creditor's mortgage is extinguished; other registered mortgages and encumbrances may survive in certain circumstances. Your Greek lawyer must confirm the position for each specific property.

Occupation status — if the property is occupied (by the former owner, a tenant, or squatters), vacating the property may require additional legal proceedings. This can be protracted and costly; factor it into your assessment.

Building permits and planning compliance — many older Greek properties have unauthorised construction (αυθαίρετα) — extensions, additional floors, or outbuildings built without planning consent. Regularisation of these may be possible under periodic amnesty schemes, but carries cost and uncertainty. The eauction.gr listing may or may not disclose this; your lawyer should investigate.

Earthquake and structural condition — older Greek buildings may not comply with current seismic codes. A structural survey before bidding on an older building is sensible, particularly in high-seismicity zones.

Completing the Purchase After Winning

Following a successful bid:

• The balance of the purchase price (minus the 30% deposit already paid) is due within a short period specified by the auction notary
• The notary supervises the completion and the transfer of title
• Transfer tax (FMA) and notarial fees are payable by the buyer
• The new owner registers the title with the Ktimatologio or relevant land registry

If you purchase a tenanted property at auction, the tenant's rights under Greek tenancy law (Αστικός Κώδικας provisions on leases) do not terminate automatically on change of ownership; you must negotiate or, if necessary, pursue eviction proceedings.

The NPL Servicer Market

Beyond the formal eauction.gr process, the Greek NPL servicers (Cepal, doValue, Intrum) also negotiate direct sales of collateral property outside the auction process. These are conducted as private treaty transactions with timescales more similar to conventional property purchases. For overseas investors who prefer conventional due diligence timescales over the compressed auction timeline, engaging directly with Greek NPL servicers through their residential or commercial asset management divisions may offer access to distressed-price property without the constraints of the auction process.

Cost Summary for Buyers

• Pre-auction deposit — 30% of starting price (refundable if unsuccessful)
• Remaining balance — payable post-auction within specified period
• Real Estate Transfer Tax (FMA) — 3% of objective assessed value (or higher of auction price and objective value)
• Notary fees — approximately 1–2% of the transaction value
• Land registry fees — typically 0.6–1% of the declared value
• Legal fees — advisable budget of €1,500–5,000+ for a Greek lawyer depending on property complexity
• No special surcharge for non-resident buyers

Important Caveats

Greek property law, tax rates, eauction.gr platform rules, and NPL servicer practices change frequently. The Ktimatologio rollout is ongoing and the title registration system differs by location. Seismic risk is a genuine factor for all Greek property. Property values can fall as well as rise. This guide reflects the position as of 2026 and does not constitute legal, financial, or tax advice. Always obtain current professional advice from a qualified Greek lawyer before bidding on any property.

How Global Investments Can Help

Greece's electronic auction market is among the most accessible in Southern Europe for overseas investors, but effective participation still requires Greek legal expertise, local market knowledge, and the practical ability to manage deposits, due diligence, and completion logistics in a compressed timeframe. Global Investments works with Greek property lawyers experienced in eauction.gr acquisitions, NPL servicer negotiations, and the full range of Greek property due diligence. Contact our team to discuss whether Greek auction property is right for your investment strategy.