Approximately 13% of real estate auctions end successfully, while 14,000 new real estate auctions are scheduled to take place in the next 10 months, with a total value of 1.35 billion euros, and an average value of 109,000 euros.
In the last 18 months, a period during which auctions have accelerated, out of the 95,906 properties, 13,000 were sold, with their value at 1.5 billion euros.
The above data was analyzed in the context of the 24th Prodexpo (annual real estate conference) by Antonis Markopoulos, managing director and founder of Prosperty (a real estate consulting company, with an emphasis on technology and data collection).
Referring to the reasons why the percentage of real estate sales from auctions is so low, Markopoulos noted “that this is a special market. There is a taboo. Some people are sceptical about buying a property through this process while they also need to have all the money available in ten days, they cannot take a loan and they don’t have the right to view the property beforehand.”
Based on the data presented from 2020 until today, 148,000 real estate auctions have taken place (with a total value of 18.3 billion euros), with the average value of a property at 128,000 euros. The auctions that have ended successfully correspond to only 19,200, a figure that corresponds to 12.9% of the total. This period includes the pandemic years, when auctions were limited.
At the 24th Prodexpo, moderate optimism prevailed over the course of real estate in 2024, but above all, caution is recommended, because the climate is constantly changing, mainly due to geopolitical developments.
