Latviski English По-русски
Saturday 19.08.2017 | Name days: Melānija, Imanta

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

(No Ratings Yet)

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).


Leave a reply

  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.

    Thumb up 0 Thumb down 0

Kirsis asks police to assess possible forging of votes at Riga City Council

Riga City Council’s Unity faction chairman Vilnis Kirsis has asked State Police to check if the city council’s electronic voting system was used without another deputy’s knowledge or consent, said the politician.

Expert: attack in Spain shows how terrorists switched to more easily reachable targets

Terrorist attacks that transpired in Spain this week shows how terrorists have switched to more easily reachable targets, where security requirements are not as strict, says Latvian National Defence Academy’s Security and Strategic Research Centre researcher Martins Hirss.

New mandatory tests in schools to be introduced four years from now

In four years’ time – 2021/2022 school year – it is planned to introduce completely new mandatory tests in schools, as reported by State Education Content Centre Director Guntars Catlaks.

Nearly 9,000 children and their parents got homes thanks to state support programme

In the first half-year of 2017, state support helped 1,527 families in Latvia to buy homes. Compared with last year, families’ demand for state support has grown 6%, as reported by Altum finance institute.

Prediction: Aseradens will likely take control over Unity

Economy Minister Arvils Aseradens will become the head of Unity, Betsafe bookmakers predict. The possibility of Aseradens becoming the head of the party is given 45% probability by Betsafe.

Provisional estimate for next year’s fiscal space in Latvia is EUR 60 million

Next year’s fiscal space has been estimated at EUR 60 million, as noted by Finance Minister Dana Reizniece-Ozola, adding that a more precise estimate will be available at the end of August.

Reconstruction of Vilnius airport runway concludes; aircraft return to Vilnius

On Thursday, 17 August, Vilnius airport’s runway was festively opened. This was the most massive reconstruction for the airport in the past 20 years. It was a unique project for Lithuania and all of Europe, airport representatives say.

Islamic State terrorist group takes responsibility for Barcelona attack

The recent terrorist attack in Barcelona, in which a shuttle bus rammed a crowd of people on La Rambla, killing 13 and injuring at least 100, has become this week’s topic.

Weather in Latvia to be warm but rainy on weekends

The sun will appear every now and then between clouds on Friday, 18 August. Still, some rain is expected, especially in the afternoon in Latvia’s eastern regions, where thunderstorms may appear. Rain is expected to reach the capital in the afternoon. Wind will draw in from the south. Air temperature will reach +21° C… +26° C, according to State Environment, Geology and Meteorology Centre.

Latvia’s export growth was moderately rapid in the first six months of 2017

Compared with the same period of 2016, Latvia experienced a moderately rapid export growth in the first six months of 2017, according to data published by Eurostat on Thursday, 17 August.

Latvia’s annual inflation in July was one of the highest in Europe

Inflation indexes in Latvia and the UK both reached 2.6% in July, which is one of the highest indexes in the European Union, according to data published by Eurostat on Thursday, 17 August.

Kirsis withdraws his candidacy in favour of Aseradens

Riga City Council member Vilnis Kirsis has decided to withdraw his candidacy from the race to become chairman of Unity in favour of a different candidate – Economy Minister Arvils Aseradens.

Rinkevics expresses Latvia’s interest in maintaining political consultations with Palestine

On Thursday, 17 August, Latvia’s Foreign Affairs Minister Edgars Rinkevics met with the leader of Palestine’s diplomatic mission in Latvia, ambassador Taissir Al Adjouri, to discuss mutual relations between Latvia and Palestine and the peace process in the Middle East.

Putin grins to the world’s seven billionth baby, Lithuania wary of border incidents

Russian President Vladimir Putin paid a visit this Wednesday to Kaliningrad, the westernmost point of Russia, but the reports about his trip in the Russian enclave and over the border in Lithuania were strikingly different.

Survey: red considered the safest colour for a car

Most Latvian drivers consider red to be the safest colour for a car. The most popular, however, is black, according to results of a survey by Virši-A fuel trader.

airBaltic’s number of carried passengers reaches a record in second consecutive month

Latvian airBaltic airline carried 393,312 passengers in July 2017, which is 21% more than the same period last year. The number of passengers carried by airBaltic remains the highest it has ever been in the airline’s history, BNN was informed by the company.

Brivais vilnis: nearly all fish processing companies are experiencing losses

Currently nearly all fish processing companies in Latvia are experiencing major or minor losses, says Brivais vilnis chairman Arnols Babris.

American helicopters to perform low-altitude flights within Latvia’s airspace

U.S. Air Force Brigade’s Task Force Phoenix helicopters, which are stationed in Latvia as part of Atlantic Resolve operation, will be performing low-altitude flights from 16:00 to 18:00 from Lielvarde to Dobele on Friday, 18 August.

Healthcare Ministry’s state secretary Karlis Ketners may be replaced

Latvian Healthcare Ministry may replace its state secretary Karlis Ketners. It is possible he will be transferred to work at Finance Ministry, as reported by LTV.

Suspects in Europe's insecticide egg scandal before Dutch court

In the Netherlands, two men have been in court in relation to the scandal of eggs containing banned insecticide that has caused an EU-wide health scare and cost millions of euros of damages.

Indian national with fake documents apprehended on Latvian border

An Indian citizen travelling from Moscow on a bus was caught at Terehovo border control point in Latvia for presenting officers a fake EU family member’s resident card. No criminal process was launched. The person returned to the country he was travelling from.

Latvijas dzelzceļš will not have to pay dividends from last year’s profits

The government decided on Wednesday, 16 August, that Latvijas dzelzceļš will not have to pay dividends from last year’s profits, which were EUR 880,998.

Latvian citizenship provided to 103 people

The Cabinet of Ministers has issued an order to provide Latvian citizenship to 103 people through naturalization.

Estonian Inbank's profits reach EUR 5.7 million in six months

Estonian financial services' provided Inbank made a profit of 5.7 million euros in the first half of 2017, which is a 429.4% increase compared to the respective period in 2016.

Agriculture Ministry invites residents to sign up for measures to support fisheries

From 21 August onward, Rural Support Service plans to start accepting applications for projects to receive support from European Maritime and Fisheries Fund’s action plan for development of fisheries in 2014-2020 as part of projects Innovation, Productive Investments in Aquaculture and Fishing and Aquaculture project processing.

Newest comments