On the 1st of November 2019 it was published in the Official
Gazette of the Republic (Regulatory Administrative Act 346/2019)
and came into force the Decree for the Sale of Mortgaged Property
through an Electronic Auction System of 2019 by the Minister of
Finance (herein "the Decree").
The Decree was issued by the Minister of Finance by virtue of
the powers conferred to him in accordance with article 44G(1)(b) of
the Immovable Property (Transfer and Mortgage) Law (as amended)
(herein "The Law").
Α. Sale of mortgaged property by auction
The article 44G of the Law gives the right to a mortgage
creditor (for example, a Bank) to choose the method by which the
auction of the mortgaged property shall be conducted, provided that
the mortgage creditor has complied with the conditions, procedures
and notices pursuant to the provisions of the articles 44A- 44E of
the Law. The above article provides that an auction can be
conducted in the following two ways:
