Lithuanian capital becomes home to property tech companies testing products | Springwise

Lithuania-based PropTech Baltics is offering PropTech companies a low-cost one-stop platform called the RealBox — a place to test and showcase new products. PropTech is a new industry, about two years old, and refers to those startups offering innovative products for the real estate market.

Set in Lithuania’s capital Vilnius, the new development’s objective is to give companies a physical space where they can run test pilots and market themselves to larger companies. The hub counts more than 100 buildings and public spaces totalling over 2.5 million square metres. PropTech firms can benefit from Lithuania’s business friendly climate, with low taxes compared to other European countries, an educated workforce, and the ability to set up a new business in three days.

“We have worked hard to turn the city into a place where startups want to move to and thrive. Finance and real estate are the next frontiers for technology to disrupt, and we want Vilnius to play a central role. The municipality is committed, and we have made our buildings available to Realbox. Our ambition is to turn the entire city into a business sandbox for startups to come and attempt to find the solutions that will make tomorrow’s world better,” said Vilnius Mayor Remigijus Šimašius.

Takeaway: Lithuania has cultivated a startup-friendly scene offering incentives such as low costs for businesses and an educated workforce. The country is already second only to the UK in terms of electronic money institutions and houses 170 fintech companies. Now, they are targeting a new market, PropTech. This is a strategic move as the industry has just begun to take shape. By offering a hub early on, Lithuania is positioning itself to be a key destination for PropTech startups.

This content was originally published here.

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