Business At real estate auctions, the City of Vilnius sold property for EUR 2.5 million By donatas Posted on 2017-07-27 3 min read 0 2,342 The municipality of the capital, having first in Lithuania started selling its real estate through public electronic auctions, during the first six months of this year sold property no longer in use for 2.5 million euros. One of the largest objects thus disposed of this year is an administrative building at M.K. Čiurlionio St. for 353,000 euros, and non-residential premises at Jogailos St. sold for 352,000 euros. Efficient management of real estate enables the city to generate maximum social and economic return, and allocate the proceeds to the most important needs of the city. The City of Vilnius sells the property that is no necessary for meeting the needs of the city while maintaining of such objects costs. This month the City is selling another 32 property objects: apartments, garages, houses, rooms whose price ranges from 6,000 euros to 1.9 million euros. Each month the City of Vilnius supplements the list of objects no longer necessary for executing its functions, and calls residents of the city to place their bids. Real estate placed for selling at open auction in July. In 2016, the sale of the real estate generated to the City total 6.7 million euros, and in 2015 the proceeds were recorded at 3.4 million euros. The real estate sales auctions are published on www.vilnius.lt., also other popular ad portals, www.aruodas.lt., www.alio.lt., and www.e.varzytines. The information about the real estate offered at the auction with pictures presented in the Lithuanian, English and Russian languages. Those intending to participate in a real estate auction are required to register on www.e.varzytines.lt , pay the registration fee and the initial contribution (10 per cent of the initial announced price of the object). The winner of the public electronic auction is the participant who has offered the highest price.