If you are looking at e auctions in Greece, the basic idea is simple. Properties are listed on a state regulated e auction platform, interested buyers register and pay a guarantee deposit, then everyone bids online during a specific time window. At the end of that window, the highest valid bid wins and the successful bidder has a short deadline to pay the remaining price and complete the purchase with a notary. Behind this simple flow, though, there are a lot of details you really want to understand before you click “bid”.
What is an e auction in Greece?
In Greece, most property foreclosures now happen through official e auction platforms, rather than in a physical courtroom. The main one is the state platform eauction.gr, which handles court ordered and bank driven auctions of repossessed properties. There are also public real estate platforms that use online auctions to sell or lease state assets, plus private platforms that promote and support access to these official auctions.
For buyers, this means you can view a wide range of residential, commercial and land opportunities through your screen. iOwn, for example, focuses on e auctions as part of its real estate consulting services, helping investors navigate the process and evaluate whether a specific opportunity actually fits their strategy.
Step 1: Finding properties and reading the listing
Your first step is to find a property that makes sense for you. On Greek e auction platforms you can usually filter by:
- Location and region
- Property type, such as apartment, house, commercial space or plot of land
- Starting bid or estimated value
- Auction date
Each listing contains key documents such as the seizure report and appraisal report. These describe the property, the first bid price and basic legal information. It is tempting to skip straight to the starting price, especially when some assets look cheap compared to normal listings, but the documents are where the real story starts.
This is also the stage where getting an independent view from a consultant or valuer like iOwn can save you from surprises. A quick spreadsheet calculation is not enough. You need a realistic idea of market value, potential rental income and hidden costs.
Step 2: Registration and guarantee deposit
To actually participate in Greek property auctions online, you have to register on the relevant e auction platform. For eauction.gr, this usually involves logging in with TAXISnet credentials and creating a bidder profile. You then choose the specific auction you want and submit the required documents and a guarantee deposit.
In most cases, the guarantee is around 30 percent of the first bid price. You transfer this amount to the auction notary’s special account or provide a bank guarantee within a strict deadline, typically two working days before the auction date. If you do not meet the deadline or the paperwork is not complete, you cannot join the bidding.
If you do not become the successful bidder, the guarantee is returned to you after the auction is finalised. If you win, it is usually counted against the final purchase price.
Step 3: Bidding during the auction window
E auctions in Greece take place on specific days and time slots, often midweek either in the morning or the afternoon. During that window, registered bidders can place and increase their bids online.
The process is open ascending bidding. You see the current highest bid, though not the identity of the bidder, and you can submit a higher amount as long as you respect the minimum bid step. If someone bids in the last minutes, the system may extend the closing time slightly, to avoid last second “sniping” and to keep the process transparent.
At the end of the bidding window the highest bid wins, provided it meets the conditions of the auction. The platform records the result and the auction notary confirms the successful bidder.
Step 4: After you win – payment and completion
Winning a Greek e auction is exciting, but it is not the end of the story. As the successful bidder, you will typically have a short period to:
- Pay the remaining balance of the purchase price
- Cover taxes, notary fees and any other costs
- Sign the notarial deed and register your ownership
If you fail to complete these steps in time, you risk losing your deposit and the property. This is why serious buyers line up financing and legal advice before the auction date instead of leaving everything to the last week.
This is also where working with a firm like iOwn helps you stay organised. They can coordinate with notaries, banks and other stakeholders so you know exactly what needs to happen and when.
Why people use e auctions in Greece
So why do investors and homebuyers bother with e auctions at all?
The main reasons are:
- Access to stock that does not appear on normal property portals, especially repossessed and distressed assets
- Transparent, standardised rules, since the process is regulated and supervised by notaries and public authorities
- Potentially lower entry prices, especially when a property has issues that other bidders want to avoid but you feel comfortable managing
For institutions and funds, e auctions are also a way to deploy capital systematically into Greek real estate. Combined with investment strategy consulting and asset management, which iOwn already offers, e auctions can become one channel in a broader acquisition plan rather than a one off gamble.
The risks and why due diligence matters
All of this does not mean e auctions are risk free. In fact, they come with some very specific risks that you need to respect.
You often buy “as is”, with limited ability to inspect the interior or to negotiate repairs. There may be building violations, unpaid utility bills, tenants with valid leases or previous owners who are slow to leave. There can also be legal complications in the enforcement process that an experienced lawyer needs to check.
Good practice is to:
- Have a lawyer review the land registry, seizure report and any legal remedies
- Have an engineer or surveyor assess the property’s condition and planning status as much as possible
- Use a RICS style property valuation to compare the starting bid with realistic market value and future exit scenarios
This is exactly the type of due diligence and valuation work that a boutique firm like iOwn is set up to provide.
Conclusion
E auctions in Greece are a powerful way to access property opportunities, but they are not a game. The process itself is straightforward. Properties are listed on an official e auction platform, you register, pay a guarantee, bid online in a fixed window and, if you win, you complete the purchase with a notary. The real challenge is knowing which auctions are worth your time and money, and how to manage the legal, technical and financial details around them.
If you are curious about Greek property auctions online but want someone in your corner, reach out to our team. They can help you screen e auction opportunities, carry out valuations and due diligence, and turn a complex process into a clear investment decision.
