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Saturday 23.06.2018 | Name days: Līga

Jurmala’s real estate market would collapse without buyers from CIS countries

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUWithout wealthy buyers from CIS countries, Jurmala’s expensive real estate market would have collapsed a long time ago. Two-thirds of the largest transactions in this city were performed by citizens of Russia and other CIS countries, as well as offshore companies owned by citizens of these countries.

This is the conclusion that can be made from the recently published Baltic Screen survey published in Kapitāls business magazine. It provides an insight into the Top 70 real estate transactions, including 20 of the largest deals in Jurmala, in 2013.

With reference to information from real estate firms, the State Land Book and Lursoft databases, the survey states that the volume of large deals had started growing again after the dip in 2012. ‘In 2012, there was a minimum of 18 deals registered in the resort city. Each transaction was worth more than LVL 1 million. In 2012, there were 9 such transactions. In 2013, there were 30 total transactions worth more than EUR 1 million,‘ – as reported by authors of the survey.

TOP 10 of the largest real estate deals in Jurmala:

1.EUR 3.81 million: Piejūras māja (owned by Gennady Kirilov from Latvia and Vladimir Fedulov from Russia) became the owner of two-thirds of real estate properties located on Juras Street 26 last August. Some of those properties were then sold to three other foreigners.

2.EUR 3.81 million: this amount allowed Balfaks (owned by Vladislav Bliznyuk and Natalya Zueva from Russia) to perform 6 real estate transactions with properties located on Turaidas Street 8 last year. This clearly demonstrates the interest foreigners have for Jurmala’s real estate.

3.EUR 3 million: Park Group 24 (owned by Cyprus-based Lignum Holdings Limited and Yelena Krizhanovskaya) purchased two houses located on Dzintaru 24.

4.EUR 2.96 million: last year, there was a new entry in the State Land Book regarding a transaction of 2012. According to this entry, EURO Capital (owned by Cyprus-based Portus Limited) bought half of territory along with a guest house on Juras 43 in 2012.

5.EUR 2.29 million: in April, 2013, BBH bought a house on Burtnieku 14 Street from the only owner of this property – Aleksandr Bogatov.

6.EUR 2.22 million: Lev Hutoryansky bought a piece of land with a house on Meza 113 from Betley Holdings Inc and Guntars Senkans.

7.EUR 2.18 million: Burtnieku 21 (owned by Cyprus-based Oltius Limited) became the owner of 6,455 m2 of land with a building on Burtnieku 21 Street. This real estate property was previously owned by BR 21 (owned by Oskars Apse).

8.EUR 2.13 million: Yelena Sheinina became the owner of 4,777 m2 of land located on Bulduru 137. This real estate property was previously owned by Aleksey Sheinin.

9.EUR 2.09 million: last year, Vincent Universal LLP sold a piece of land with two buildings on Dzintaru 17 to Pillar 4, which then sold it to a foreign company – Easton Development Limited.

10.EUR 1.74 million: last year, Oksana Sakhno sold a piece of land located on Gaidas 6. This real estate property was bought by Gaidas īpašumi (officially owned by offshore Supremo Projects Corp; one of the members of the Board of this company is Bogdan Verhovodov from Ukraine).


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  1. michael walsh says:

    There is a lesson for the rest of Europe here. Spain is not alone in becoming to a point dependent upon Russian (CIS) investment. The road to hell is paved with good intentions. The Western politicians, misguidedly as always, are a far greater threat to the EU economy than Russia is.

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