The MOF will sell properties that have been seized via the internet

The Greek Finance ministry seeks to increase State revenues from the auctioning of seized property by creating a special website through which taxpayers will be informed in detail about the characteristics of each auctioned property.

Based on the current status of the real estate auction the tax inspector proceeds to the seizure of the property of a taxpayer who owes to the State and expedites the sale by a public auction. The process is undertaken by a bailiff under a fee who enters the property in an auction program.

This system, however, has completely failed to attract interested parties for the auctioned property. One of the reasons is that there is insufficient information of the interested investors for the purchase of property. Another reason is that the minimum price by law is the objective value of each property which is now higher than the true value in most cases.

The ministry believes that by uploading on the Internet all the properties to be “hammered” it will increase the number of auctions with a positive outcome and money will flow to the Treasury.

MOF members note to Capital.gr that whereever the system of online information was applied for auctions the government revenues from them increased significantly.