The property was appraised at 152 000 leva in June 15 2009, but its starting price has been slashed to 57 200 leva. Documents for participation in the auction can be submitted by June 22. The aforementioned system has been already in operation in Sofia, with flats with unpaid mortgages and other outstanding liabilities, in this particular case, two mortgages to Piraeus Bank being offered on general sale.
The average price at which the 32 flats on offer at the moment (two, three, four and more bedroom units) is 685 euro a sq m. Naturally, the starting price is seldom the actual price at the end of the auction, as for some properties there is substantial interest. For some properties, however, "there was only one bidding candidate", Investor has reported.
