2007 Real estate review in Lithuania
One of the biggest Lithuanian real estate consulting and service companies ZIA valda real estate changed its name to OREM and starts expansion to foreign markets. Newly established holding OREM holding will be responsible for the development of real estate company network abroad. Priority markets in the first stage of the development will be Eastern and South East Europe as well as Baltic States. At least 3 companies will be established in these regions till the end of this year.
OREM started its activities 3 years ago in 2005, but has already ensured its position as one of the leaders of Lithuanian real estate market. Last year company’s deals reached 300 mln. euros and were 10 time bigger than in 2005. OREM has more than 17 thousand private and corporate clients, 100 employees, 3 offices in Vilnius, Kaunas and Klaipeda.
„We needed as little as 3 years to become one of the market leaders and create efficient business model that, we believe, can be viable in other countries too. Therefore this year we decided to start active expansion outside Lithuania. For that purpose we established investment management company OREM holding. It will concentrate on establishing and developing international network of real estate companies”, - explains Antanas Baliukevicius, Chairman of the Board of OREM holding.
International expansion became one of the main reasons to change company‘s name. In order to have easily recognizable and understandable brand, ZIA valda real estate replaced old name with OREM.
„New name is the abreviation of english words „Optimal Real Estate Management“. Together with new slogan – „Extraordinary is ordinary“ – It reflects our business principles and philosophy. New brand also emphasizes our priority services – management of investments to real estate“, - says Gintare Mikucionyte, interim executive director at OREM.
She took this position from former executive director at ZIA valda real estate Donatas Valantiejus. The latter became member of the board at OREM holding and will concentrate on new company projects abroad.
Among the markets where OREM holding could create its first agencies abroad, rapidly growing countries in Eastern and South East European regions are mentioned: Serbia, Bulgaria, Ukraine, Russia, Georgia, Moldova and others. Holding is also interested in Baltic States. First 3 companies are planned to be established till the end of this year.