Price Increased 335 Times: State Garage Finds a New Owner

The State Property Fund of Ukraine has successfully held an online privatization auction for a garage in the city of Vynohradiv, Zakarpattia region.

• Starting price: 1,215 UAH

• Final price: 407,779 UAH

As a result of competitive bidding, the value of the state asset increased by more than 335 times compared to the starting price. 3 participants competed for the right to acquire the property.

Property details: The winner of the auction will receive a garage with a total area of 24.1 sq. m., located at: 3 Myr Sq., Vynohradiv. The facility consists of a single room; its technical condition is satisfactory, though it requires repairs.

Privatization gives the asset an opportunity to find a new owner, be renovated, and subsequently be used effectively according to business needs.

In addition to the final price of the lot, 81,555.80 UAH in VAT will be paid to the state budget.

This auction is a vivid example of how competition among participants determines the real market value of state property and secures additional revenues for the budget.