Property auctions to go online

The Justice Ministry is preparing a system to auction properties through an online platform with open bids, set to start from September. The aim is to sidestep the obstacles created by the various groups that have been preventing the implementation of auctions in their conventional form at courthouses around the country.

The ministry's bill concerning online auctions that Kathimerini has seen provides for "the electronic system to record all offers submitted. Participants can keep tabling offers that are higher than those made previously until the deadline for bid submission."

According to the process described in the draft law, "with the submission of the offer, the candidate buyers will be immediately informed by the system through an email about the amount of their offer, the precise time of submission and whether it has been approved." The same message will inform...