RIGA, Oct 31 (LETA) - Valsts Nekustamie Ipasumi (VNI) state real estate management company has again failed to sell off the Moscow House at 7 Marijas Street in Riga, as the property has not attracted investors' interest so far, information on electronic auction website izsoles.ta.gov.lv shows.

At the repeated auction, VNI offered the Moscow House for the starting price of EUR 2.856 million.

The property consists of a land plot with an area of 966 square meters and a building on it.

VNI representatives told LETA that in order to attract potential investors, it will be proposed to reduce the price of the property by a further 10 percent, which means that the total price cut would be 30 percent compared to the price set at the first auction. The decision on the price cut is expected to be taken on November 5, and a new auction could be called on November 8. 

If the price of the Moscow House is reduced by 30 percent, the starting price at the next auction will be EUR 2.499 million. 

This will be a second price cut for the property - in October 2024, the price was reduced by 20 percent after the first unsuccessful auction. 

As reported, the previous auction, which started on August 20 and ended on September 19, offered to buy the Moscow House at a starting price of EUR 3.57 million.

It was also reported that in order to guarantee the security of Latvia, including the prevention and timely prevention of threats to the democratic state, the Saeima adopted a law on the transfer of the so-called Moscow House in Riga to state ownership in January this year. The government, in turn, transferred the building to the Ministry of Finance, so that the State Real Estate Agency could then sell it at auction.