The “Maskavas nams” property located at Marijas Street 7 in Riga will again be offered for sale through an auction by the State Real Estate (VAS “Valsts nekustamie īpašumi” or VNĪ) with a starting price of 2.142 million euros, according to information published in the official government publication Latvijas vēstnesis.
The property consists of a 966 square meter plot of land and the building on it. The auction starting price is set at 2.142 million euros, with a bid increment of 10 000 euros.
The auction will begin on Tuesday, the 18th of March, and will end on the 17th of April 2025, at 1:00 PM.
Those interested in participating in the auction must pay a security deposit of 10% of the starting price by the 7th of April 2025 and submit a request for authorization to participate in the auction through the Electronic Auction Platform. The payment for the property will need to be settled within two weeks.
The property can be purchased using a bank loan and by entering into a transaction account agreement, as stated in the announcement.
It has previously been reported that in the first auction, which ended in September 2024, the “Maskavas nams” was offered with a starting price of 3.57 million euros. Afterward, the starting price was reduced by 20%, and the property was re-offered at 2.856 million euros. In the subsequent auction, which ended on the 9th of December 2024, the starting price was reduced to 2.499 million euros, but still no one expressed interest.
In the most recent auction, which ended on the 24th of February 2025, the starting price was again set at 2.142 million euros.
On the 11th of January 2024, the Saeima passed the law “On the Action Regarding Real Estate Necessary for the Prevention of National Security Threats,” which led to the transfer of the “Maskavas nams” to state ownership. The law aims to ensure Latvia’s national security, prevent any threats to the democratic state system, and stop the politically risky activities that were being held under the guise of cultural events and educational activities in the “Maskavas nams.”
On the 26th of March 2024, the government decided to transfer the “Maskavas nams” from the Ministry of Transport to the Ministry of Finance. The funds raised from the auction will be allocated to the state budget and later directed to support the citizens of Ukraine.
The “Maskavas nams” was built in 1976, and its reconstruction began in early 2002. The building was acquired by Moscow through a property exchange with the Latvian Railway State-owned Enterprise (VAS “Latvijas dzelzceļš”). The building was officially opened on the 28th of May 2004. The five-story building, which also includes one underground floor, has a total area of 4,482.4 square meters.
VNĪ was established in 1996, and its sole owner is the Ministry of Finance.