Auction apartments: prices start at just a few hundred euros


In Lithuania, a wide range of real estate (NT) is sold at auctions: land, apartments, residential houses, garages and other objects. The variety of offerings is truly colorful.

So this time we only look at apartments for sale at auctions. There are currently about 60 apartments in Lithuania that are sold this way.

And the prices of these apartments (starting price at auction – auto post) range from just a few hundred to over a hundred thousand euros.

Wide price range

Examples speak for themselves. The cheapest apartment for sale in Lithuania is in the district of Pasvalys, village Joniškėlis.

The initial price for this apartment is only EUR 330. It is true that the proposal immediately emphasizes that the object is in a very bad condition. There are also many similar offers in different regions of Lithuania where the initial price of the apartment does not exceed the limit of 1,000 euros.

But after the auction's marathon is transferred to major cities in the country, the situation changes drastically. For example, the initial price of the most expensive apartment to be auctioned is up to 144,000. EUR

It is true that this apartment is located in Vilnius, Antakalnis (apartment with an area of ​​105 sq. M. – Post). The second price offer is in Palanga. At this resort for just over 73 thousand. euro sold for 80 m 2. m. apartment area.

Tomas Bagdonas, Chief of Communications of Turto Bankas, is responsible for questions about apartments sold at auctions:

What are the reasons why apartments become an object of auction?

The property bank comes to housing from two sources – state owned and nonresident property. In the first case, state institutions transfer properties that are superfluous and are not required to perform state functions for Asset Bank.

The Asset Bank assesses whether assets are needed by other institutions. Generally, if it is a dwelling, it does not need it because the state "cleans" of excess assets. Then the housing is included in the list of assets for sale and at public auction through the auction system, sold in the market.

In the second case, the Asset Bank receives the "indefinite" property. The state passes property by the law of succession in cases where it is left to the state by will, or the heir has no heirs by law or by will, or no heir has inherited the inheritance of all heirs.

Then the property is re-evaluated as a law, it is on the list of assets sold and carried out through the auction system. In this way, all legal and natural persons can buy housing from the state

How is the price of the object determined in such a case?

The price of the property to be sold is determined by an independent property appraiser. The price is determined by transactions of similar objects, so the original price corresponds to the market price. If the property is not sold at the first auction, the Asset Bank will be entitled to reduce the price by 10%. to another auction.

Are older building objects traditionally auctioned off?

Most of the property is actually an older building. This is due to the fact that the state did not carry out construction and construction projects, and in particular residential projects. Only now is the implementation of new, more intense administrative construction projects. The property of the owner, who goes to the Asset Bank, is mostly of older people and the assets are older.

Is it true that auctions can be bought at a lower cost than buying from individuals?

The primary price is determined by the market. Thus, the advantage of this can be the location of the dwelling or other advantages (environment, living conditions, infrastructure). In fact, attractive options are bought from the state at the market price – they find the buyer quickly. This is usually accommodation in metropolitan areas or in good locations in district centers.

It is more difficult to sell the property in rural areas or when it is poor – but it is difficult to sell to all sellers. In this case, the price of the property is reduced and can be bought at a cheaper price. Sometimes well – but again, everything is regulated by the market.

What are the rules for the owner of the property purchased at a new auction?

Participation in the auction requires payment of a single participant fee (60 euros) and 10%. The original cost of the object here is a guarantee that the intentions are serious. The auction takes place at a price (the intervals may differ depending on the initial price of 500, 1000, etc.) and the buyer who offers the highest price wins.

Overdue buyers will be reimbursed for the guarantee fee, and the winner will be credited with the payment – they will have to pay the remainder within 30 days and the transaction will be deemed to have occurred. Of course, legal documents should also be organized.

All assets sold by the Asset Bank have no creditor liabilities, so the new owner does not inherit any previous debt, if any. Assets may have other liabilities, for example. servitude or cultural heritage, but here is a common practice that can be performed by any other seller.


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