Tbilisi municipality offers simplified auction process

Tbilisi Municipality plans to introduce new rules on selling municipality property. According to the vice-mayor of the city Alexander Margishvili, the new rules will serve the interests of the citizens.

The auctions held by the municipality usually last for a day only. From now on however, all auctions will last for several days and the participants will have a chance to trade until the auction is officially closed.

The period available to trade will be identified individually for each auction by the city government and it can be between 5 and 45 days. Margishvili says that the longer the auction runs, the better chance participants have to follow-up the trading process.

The property management agency of the city municipality announced a new online auction on January 12, by putting 58 pieces of real estate up for sale.

“There have been cases when a potential purchaser applied for the auction but could not participate in the bidding due to some circumstances. Now, when a longer trading period becomes available, interested individuals will be able to get involved in trades at any moment,” Margishvili said at a press conference held on January 12.

The official web-page www.iauction.ge is available for anyone interested in purchasing property from Tbilisi municipality.