Raiffeisen Bank, one of the top-ranking banks by asset value,has organised auctions to sell foreclosed properties from clientsno longer able to pay their instalments in each month of 2010, butat the end of the year it only has 21 sold properties.
The real estate market is frozen, bankers are now finding out,though they are reluctant to come up with discounts of more than25% on the prices at which the properties had been valued when theeconomy was growing full steam ahead.
Most banks asked by ZF to supply data on the auctions wereunwilling to comply, although all players - from the leaders of thebanking sector to the smallest players, have created specialsections on their websites for the "offer" of foreclosedproperty.
"We organised auctions throughout the year, but we've only seeninterest towards the end of the year. We have properties where weare at our 12th or 15th auction and only now do we see a certainamount of interest. Investments have started to appear, buyers arecoming, but this means we are just above zero," says Iuliu Mureşan,vice-president in charge of risk management at Bank Leumi, a smallplayer. The bank currently has 75 foreclosed properties forsale.
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