E-auctions in Greece let you buy property from your laptop, even if you live abroad. For foreign investors, they are a way to access discounted assets and distressed opportunities without flying in for every viewing. The process is highly regulated and digital, but you need to understand a few Greek specifics before you jump in.
What are e-auctions in Greece
Since 2018, most foreclosure property auctions in Greece run online through official e-auction platforms. Properties that come from banks, tax authorities or other creditors are listed with a reserve price, auction date and basic documents. Bidders register, pay a guarantee deposit and place bids in a secure online environment. At the end of the time window, the highest valid bid wins and the buyer must complete within strict deadlines.
For you as a foreign investor, the key point is that you do not need to be physically in Greece on auction day. What you do need is the right setup and a reliable local team.
Can foreigners join e-auctions Greece
In general, yes. Foreign individuals and companies can buy property in Greece, including through e-auctions. There are a few things to be aware of.
First, every bidder must have a Greek tax number, called AFM. If you do not live in Greece, a local accountant or lawyer can obtain this for you. You will also usually need a Greek bank account to handle the guarantee deposit, the balance of the price and taxes.
Second, there are special rules for certain border regions where non EU buyers need additional permits. A local lawyer can confirm whether the area you are targeting falls under these restrictions.
Finally, most foreign investors appoint a Greek lawyer with power of attorney. That lawyer can handle registration on the platform, communication with the auction notary and all signatures with the notary and land registry. This is what allows you to manage the whole process remotely.
Step by step: how the process works for a foreign buyer
It helps to think in stages rather than just “auction day”.
- Set up your local base
Start by choosing a lawyer who knows property auctions, plus an accountant if you do not already have one. They will arrange your Greek tax number and guide you on whether you need a bank account in your own name or in a holding company. - Search for suitable properties
You then work with your advisers or a consultant to identify lots that fit your strategy. Official auction platforms and specialist aggregators list assets all over Greece. This is where you filter by location, type, size and reserve price and where you download documents like the seizure report and valuation. - Due diligence before you bid
For each interesting property, your team should carry out legal checks on title and encumbrances, technical checks on planning status and condition, and a realistic valuation. Remember that many auction properties are sold as is, with limited access, so you want to understand the worst case scenario as well as the upside. - Registration and guarantee deposit
To join a specific e-auction, you must register as a bidder on the platform and submit a guarantee deposit, usually a percentage of the reserve price. This can be a cash transfer or letter of guarantee, depending on the auction terms. Your lawyer will handle the formalities and the communication with the notary who runs the auction. - Bidding online on the day
During the auction window, bids are placed online in set increments. You and your advisers will have agreed your maximum price in advance, based on the due diligence and your target returns. Bidding can be done from anywhere, as long as the correct user account is logged in. - Completion and transfer
If you win, there is a short deadline to pay the balance, sign the notarial deed and register the property. Your lawyer will coordinate with the notary, calculate taxes, and ensure the property is recorded in your name.
Read here: How Do E-Auctions Work?
Currency, financing and tax points
E-auctions in Greece are settled in euro. If your capital is in another currency, you need to think about exchange risk and timing. Some investors move funds into Greece shortly before the auction to reduce FX exposure.
Financing is possible, but more complex than a standard open market purchase. Many foreign investors either buy in cash or use financing at a later stage, for example once the property is refurbished and regularised. Early discussions with Greek banks or specialist lenders are important if you plan to borrow.
On the tax side, you should budget for transfer tax, notary and registry fees, plus ongoing annual property tax and any local levies. A tax adviser can also help you structure ownership efficiently, especially if you hold multiple assets or invest through a company.
How e-auctions differ from buying on the open market
Compared to traditional purchases through agents and listings, e-auctions in Greece feel very rule based and compressed in time. There is less room for negotiation on price and conditions, and more emphasis on strict procedures and deadlines.
The trade off is clear. You may see lower entry prices and access to stock that never appears on portals, but you accept a higher level of legal and practical complexity. That is why foreign investors who use e-auctions Greece successfully usually treat them as one channel in a broader strategy, not as a shortcut to guaranteed bargains.
Read here: Strategic Entry into Property Auctions with iOwn
Managing everything remotely
For non resident investors, the biggest advantage of the Greek e-auction system is that almost everything can be managed at a distance. With a responsive lawyer, a tax number, online banking and a clear process, you can screen, bid and complete without constantly flying back and forth.
Advisers and consultants on the ground can visit properties where possible, speak with local agents, and feed you realistic information instead of glossy promises. That way, by the time you press the bid button, you understand not only the price but also the story and the work that may follow.
Used this way, e-auctions in Greece become a practical, disciplined tool for building a portfolio, whether you are adding your first asset or your twentieth.
Looking for more information? Feel free to contact us.
