ArmInfo. The Armenian government is changing the procedure for conducting electronic auctions and alienating property. The decision was approved by the Cabinet of Ministers on December 11.
As stated by Arnak Avetisyan, Chairman of the State Property Management Committee, a unified approach to the principles and conditions for alienating all property is being established. Specifically, the duration of the electronic auction will be three days instead of the current one business day, allowing for an extended period for submitting bids.
To reduce the risks of unfair competition, the advance payment for lease auctions will be increased to 300% depending on the starting price. Additionally, a winning bidder who fails to sign the protocol will be disqualified from participating in subsequent auctions for the same lot. The deadline for publishing lot announcements has been extended to allow potential buyers more time to inspect the properties and submit a bid: for movable property - at least 15 days before the auction; for real estate auctions - at least 45 days; for real estate tenders - at least 60 days.
For the sale of undeveloped land plots, a certificate of urban development restrictions will be included. The basis for the sale will be the current market value, not the cadastral value, which approximates the market value. For movable property, the first auction will be held at 100% of the assessed value. If the property fails to sell, the starting price for subsequent auctions will be reduced by 15%, with no lower limit. For real estate, the starting price at the first auction will be 100% of the assessed market value; if the property fails to sell, the second auction will be 85%, and the third 70%. In the case of a direct sale, the price will be set at 100% of the estimated market value, except in special cases determined by government decision. The goal of the reforms is to make the processes of alienation and leasing of state property more open and transparent, thereby ensuring a trusting and fair environment for society.
