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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena
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Latvia in face of real estate deficit

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Latvia may experience quality real estate shortage in one or two years, moreover, in all market segments, indicate the company Colliers International research data.

The year 2010 reported higher market activity than in 2009 – more transactions were made both in the commercial and residential area. The emotional crisis finished and the market players could feel the range of it while implementing their plans in property trade, purchase or rental, the Director of the company’s branch in Latvia Deniss Kairāns indicates to the newspaper Telegraf.

To his mind, the year 2010 can be described as the year of banks, because they emerged as major real estate holders, and the following course of events largely depends on their strategies and policy. Last year also posted the rental market activity increase.

The acquisition of residence permit leaves a significant impact on the market when purchasing real estate, which is currently only picking up speed, the expert concludes.

When asked about forecasts for 2011, the specialist emphasizes the real estate and rental market prices have hit the low point to remain stable in future or increase in certain cases.

Banks will be the key market player, and will continue the property takeover policy in 2011, but they will not sell these real estates actively. The market will have a strong interest in the units built during the fat years, because new large-scale project construction is not planned. This will cause the real estate shortage in 2012 – 2013 throughout all segments. In some cases it is observed even now – the demand for real estate in Jurmala in exchange for a residence permit in Latvia is already exceeding the supply.

The real estate market is in the final stage of the cycle; we have already undergone active development and decline stages, but we will be in the stabilization phase during the next 2 – 3 years. While it is likely the uproar recorded in Latvia during 2005 – 2007 will not repeat, the specialist concedes.


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  1. joy says:

    That’s a bluff to raise fear and boost demand.

    Thumb up 0 Thumb down 0

  2. Betty says:

    Aritcels like this are an example of quick, helpful answers.

    Thumb up 0 Thumb down 0

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