Athens Auctions: 10 Properties Failed to Sell as Buyers Hold Back

Three properties in Psyrri and one on Vasilissis Sofias Avenue passed in at the July 9 auctions organised by the Hellenic Property Federation.

Clearance rates have slipped as owners set reserves above current market levels. This shift comes after weeks of mixed buyer turnout at the same venues used for monthly sales.

The lots that did not sell included a 95-square-metre apartment off Ermou Street near the Monastiraki metro station and a ground-floor retail unit in Pangrati close to the Kallimarmaro stadium. Both carried reserves set 15 percent above the most recent comparable sales recorded in the same blocks during May.

Why reserves stayed high

Agents cited the need to cover outstanding bank loans after the latest figures from the Bank of Greece showed household debt servicing costs rose 8 percent in the second quarter. One Psyrri apartment carried a reserve of 485000 euros while recent sales on adjacent streets closed at 410000 euros. The gap left no room for negotiation once bidding stalled at 420000 euros.

Another factor was timing. Auctions scheduled for the first week of July overlapped with the start of the summer holiday period when fewer local investors attend the Chamber of Commerce hall on Akademias Street. Foreign buyers who normally fill the room focused instead on coastal assets outside the city ring.

What comes next for unsold stock

Passed-in properties return to the market through private treaty within 30 days under federation rules. Sellers who lower reserves by at least 10 percent before the next scheduled round on August 13 stand the best chance of clearing stock before autumn listings increase competition. Prospective buyers can register now with the federation to receive updated reserve notices by email.