The number of auctions and the volume of money obtained from auctions kept falling in 2005, data from the Information System on Public Orders and Auctions have shown.

In 2005, auction houses sold movables and immovables worth CZK 4.9 billion, a drop of more than CZK 1 billion against 2004. They held 3,708 auctions against 3,840 a year earlier.

Experts said the decrease in the number of auctions was due to increasing debts of Czechs who draw consumer loans and then do not have enough money to buy assets in auctions.

Another reason is a drop in the number of auctions of bankruptcy assets, Miloslav Oliva, chairman of the Czech Auctioneers Association, said earlier.

Since the launch of auctions in the Czech Republic, auction houses have held more than 20,600 auctions, of them about 18,100 voluntary, selling assets worth almost CZK 71 billion. They have raised almost CZK 30 billion in the auctions.

Posted: 01|23|06 at 10:47 am. Filed under: Property News.