greece: auctions snapshot - delfi partners · delfi partners hellas | 3 | research & analytics...
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Delfi Partners Hellas | 1 | Research & Analytics Desk
Greece: Auctions
Snapshot Q2 2019
Delfi Partners Hellas | 2 | Research & Analytics Desk
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Delfi Partners Hellas | 3 | Research & Analytics Desk
E-Auctions
The E-auctions platform was set up in November 2017
aiming to facilitate the auction of properties and
reinvigorate the real estate market by attracting investor
bids. Since its inception, roughly forty thousand auctions
took place with the majority of them being held in 2018.
The busiest months in terms of auctions held for 2018
were October and December, reaching 3,176 and 3,672
auctions respectively.
During the first months of 2019, the pace of auctions held
was slower than expected, given the significance of
auctions and the targets set for the year. The table below
offers a comparison of the volume of auctions between
November 2017 and April 2019.
Eurobank
For the 2018 fiscal year, Eurobank reported that 3,195
properties were listed on auctions between March 2018 to
year end, with 45% of them being successfully carried out,
17% suspended or cancelled and 38% were
unsuccessful. It is worth mentioning that during the first
two months of 2018, 84% of the scheduled auctions were
either suspended or cancelled. Out of the 1,479 properties
emerging from the auctions, the bank acquired 86% of
them, with the remaining 14% purchased by third parties.
Banks acquiring, or repossessing the properties seems to
be a norm, and potentially a reason why investors refrain
from auctions. Repossessed properties and relative
payments in Eurobank’s financial statements have
increased by 35% (September 2017 to September 2018).
This increase of €132m is attributed to the initiation of the
bank’s platform for e-auctions, launched in February
2018. The platform was created with the scope of
«effectively processing properties» according to the Bank.
According to data coming from EFKA, Eurobank had 86
properties listed for auctions in April 2019.
Alpha Bank
Alpha bank carried out roughly 2,000 auctions with 4,195
properties being auctioned, within 9 months in 2018. From
the auctioned properties, 64% were residential, 32%
commercial and the remaining 4% were classified as
other. The end result of the auctions was that the majority
of those properties, namely 83%, were acquired by Alpha
Bank. Third party acquisitions sum up to 17%. It is evident
that third party acquisitions amongst auctions conducted
by Alpha Bank and Eurobank lie at roughly the same
levels.
It is also worth mentioning that the vast majority (84%) of
the auctions scheduled during the first two months of 2018
were suspended. Alpha Bank created a new established
unit during 2018, that will play a crucial role in facilitating
the repossession and management of the existing
portfolio. For the month of April 2019, Alpha Bank had 10
properties listed for auction.
National Bank of Greece (NBG)
The National Bank of Greece had 1,290 scheduled
auctions for the fiscal year 2018, 68% of them were
carried out while the remaining 32% were suspended.
Assets auctioned totalled 2,264 properties. The National
Bank of Greece has also its own platform to perform
auctions electronically. EFKA has reported 118 auctions
listed during the month of April 2019.
Piraeus Bank
Piraeus Bank carried out 3,269 auctions during 2018 and
seeks to increase those by 12% in 2019. Out of the
auctions scheduled in 2018, 35% of them were carried out
successfully. Piraeus Bank has also developed its own
platform for electronic auctions. 290 properties were
auctioned by the bank within April 2019.
0
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1000
1500
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2500
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3500
4000
E-auctionsMonthly Breakdown
Conducted Suspended Canceled
Source: E-Auction.gr, edited by Delfi Partners Hellas
Delfi Partners Hellas | 4 | Research & Analytics Desk
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Research Team Details
Contact Details:
Costas Zeniou [email protected] | DP Director (Greece, Cyprus)
Contact Details:
Dr George Mountis [email protected] | DP Managing Partner (Greece, Cyprus, SEE)
Contact Details:
Theodore Delidimitropoulos
[email protected] | DP
Analyst
(Greece)
Contact details:
Christos Nevsechirlioglou
[email protected] | DP
Analyst
(Greece)
Contact details:
Stefanos Pattichis, CFA
[email protected] | DP
Senior Analyst
(Greece, Cyprus)
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