October, 11. 2005
Alma Media expands City24 real estate internet business in Baltic states; new portal opened in Lithuania
City24, the leading real estate internet portal in Baltic, has begun operating in Lithuania. This service has been operating in Estonia since 2000 and it was started in Latvia in July this year. The new portal means that now every internet user will be able to access the most up-to-date information on real estate for sale and rent in Lithuania at http://www.city24.lt.
City24 in Lithuania aims to become the leading media channel for real state in both the internet and printed media during its first year. Started in Estonia in 2000, this service became the most popular real estate portal in six months in Estonia, and in just four months in Latvia.
"This year we have grown to become the most comprehensive internet real estate service in the Baltic. We are also considering the feasibility of starting business in other Eastern Europe countries," says Ismo Repka, Regional Director for the Baltic States at Alma Media.
"Classified marketplaces are one of the spearheads of Alma Media's growth and expansion strategy. We are constantly on the look-out for new markets," he continues. Alma Media has made a substantial investment in Lithuania's City24 service and expects to see this investment paid back in two years.
All real estate agents and customers in Lithuania can include their sites on the portal, which also contains news and analysis related to the property business. More than 30 agents have already signed up with City24.
"There are over 20 property portals in Lithuania but ours will not be just one of the crowd," says City24's Lithuanian director, Renata Bauziene.
Alongside the internet portal, City24 Lithuania will also start publishing a printed monthly magazine of property advertisements to be distributed across the whole country.
There are currently 12 specialists working on City24's various Baltic projects.
For further information:
Ismo Repka, Vice President, Baltic Countries
Alma Media Interactive Oy,
tel. +358 40-513 4976
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