Mini privatizations are nibbling away at Ukraine’s state sector

Mini privatizations are nibbling away at Ukraine’s state sector. In the first month of auctions on the electronic ProZorro system, 74 state properties were sold for a total of $3 million, or an average of $40,500. On average, three participants compete for each property and the closing price is twice the initial price, reports the Economic Development and Trade Ministry. About three quarters of offered properties are sold. One success story was a bidding war over an 812-square meter commercial property on Lviv’s Petra Doroshenka St. Thirteen electronic bidders pushed the final price up to $600,000, double the starting price. By the end of this year, 417 state properties are scheduled for sale, with a collective starting price of $11.6 million, or $28,000 apiece.