Compete for the lowest price for an apartment. This opportunity is offered to people looking for housing by the real estate development company Eika, which has introduced a sales method rarely used in the Lithuanian real estate market – an online auction.
The virtual auction will operate on the principle of a reverse, Dutch-type auction. This means that prices will not be increased, but decreased, and the buyer will be able to decide for himself when the right time is to purchase a home.
“Buying a home is a long and laborious process, so we wanted to not only make it easier, but also transfer the decision-making power regarding the price of the home to the buyer. He will be the one who will be able to decide whether to buy the home at the auction for that day’s price or wait until the price is even lower. However, by delaying, the buyer will take a risk – someone else will be able to get ahead of them and reserve the home first,” says Martynas Žibūda, Development Director at Eika.
Competing for three apartments
The current virtual – online – auction is selling the last three apartments of the apartment complex “135” on Žalgrio Street in Vilnius. Two of the apartments offered for sale are four-room and one is six-room. The apartments occupy more than 100 sq. m. of area, and they have spacious outdoor terraces with a city panorama.
True, one apartment is auctioned at a time. Once it is sold or if no buyer appears by the set date, another apartment is put up for auction.
Every day, the price of the apartment will decrease to a certain amount, and a timer next to it will inform you after how long the price will change again. If the price seems favorable to the potential buyer, he will be able to reserve the apartment immediately.
Residents interested in the apartments being sold at the auction will be able to view them in person. However, if the buyer does not sign a preliminary housing purchase agreement within 48 hours, the reservation will be terminated and the apartment will return to the auction.
“Dutch-type auctions are not only a favorable alternative for potential buyers to purchase housing at a lower than market price, but also an important indicator for real estate sellers. They can realistically assess which housing prices are most attractive to residents and how much they are willing to pay,” says an Eika representative.
About the EIKA group of companies
Founded in 1992, EIKA is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other building projects. The company has already built almost 4,500 apartments and 416 thousand square meters of buildings. EIKA has been awarded many times as the best real estate developer in Lithuania, the company’s projects “Santariškių namai”, Basanavičiaus 9A and “Eika namai Pilaitė” have become the best in Lithuania.
Auction: http://www.135.lt/