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Reviva: 3.4 billion euro lost with property auctions in 2019

03 June, Il Sole 24 Ore

According to the latest report on property auctions in 2019 by Reviva, last year 160,594 properties were put for sale resulting in 254,649 property auctions in total. This means that only 59% of the houses went for auction only once. Moreover, only 39% of the sales were online. Such inefficiency had led to long processing times and a considerable loss in value of the auctioned properties (3.4 billion), penalising both banks and owners. The situation looks even worse considering that the Courts had been closed for several months due to Coronavirus and are expected to return fully operational only in September.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi