Real estate foreclosures for major debtors imminent

9 August 2016
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Armed with foreclosures and auctions, the General Secretariat of Public Revenue is hoping to collect some of the billions of euros owed by debtors with debts over 150,000 euros.

At present the GS has began documenting the real estate and other assets of these debtors, which may help improve public finances. A list of real estate assets that will be foreclosed and auctioned off has already been prepared.

This list of assets includes houses, apartments, offices, stores, warehouses and agricultural land. Although the Finance Ministry is hoping to recover some of the overdue debts through these auctions, the value of the assets to be seized is but a fraction of these nearly 90 billion euros worth of debts.

The case of a debtor with overdue debts worth 12.5 million euros has the following assets: a 64m² apartment in Thessaloniki with bids starting at 26,000 euros, another 47m² apartment with bids starting at 36.800 euros, a third 43m² apartment with 11m² parking space with bids starting at 34,000 and a fourth 60m² apartment with bids starting at 24,000 euros. In another case, of debts worth 5 million euros, the debtor has a 123m² apartment with a 12m² parking space, with bids starting at just 80,000 euros.

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