To be launched first in Sweden, Metro International said that it will extend the concept into all 17 countries served by its freesheets, which had a combined readership of 15.2m in 2004.
Metro Market will be followed initially by rollouts in Finland, Denmark and the Netherlands.
The Metro Market websites will offer a range of classified ads, auctions and job advertising. The , which goes live this week, already has 900,000 classified ads.
Metro International has also created a new online division, Metro Modern Media, which will develop other services, such as dating and music downloads, as well as Metro Market.
Pelle Tornberg, president and CEO of Metro International, said: "Online advertising and online services are some of the fastest growing media segments globally.
"Metro Internationally has been waiting for the right time to launch ito this area and we believe that the current size, growth and profitability of online make this the perfect time."
The publisher has yet to launch a newspaper in the UK, where various publishers including Associated Newspapers, Guardian Media Group and Trinity Mirror distribute just more than 1m Metro freesheets in 13 cities.
Associated handles all advertising for the London Metro, but franchises local advertising sales in the regions to regional newspaper groups.
Associated and Metro International also partner to offer advertisers display opportunities throughout the UK and Europe.
However, there is speculation that Metro International could launch a freesheet in London after the Office of Fair Trading said it wanted to bring an end to Metro's hold on exclusive distribution on London Underground and rail stations.
Transport for London is inviting rival newspaper groups to bid for the right to distribute papers in the afternoon, and Metro's morning slot is also under threat from London Mayor Ken Livingstone.
In addition, Associated's parent DMGT owns classified newspaper Loot and its website Loot.com, which were relaunched in October 2004.
The UK online classified market is also populated by eBay and fish4.co.uk, which is owned by Newsquest Media, Northcliffe Newspapers, Trinity Mirror and Guardian Media Group Regional Newspapers.
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