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Monday 20.11.2017 | Name days: Anda, Andīna
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One-fifth of Latvians often consider loan options for everyday needs

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAn analysis of behaviour of economically active residents of Latvia shows that loan habits have become more rational and more in line with people’s needs. A degree of cautious optimism is noted in decisions regarding the purchase of a home or car.

According to results of Swedbank’s public survey – 21% of respondents may consider the option of taking a loan for different everyday needs this year. The main reasons for taking loans include home repairs (37% of respondents), expensive purchases (27%) and health improvement (16%). 13% of respondents who plan to take loans in order to secure their needs have noted that they wish to buy new clothes or footwear. 12% of respondents plan to go on a trip and 10% – to spend the loan on education.

Survey results also show that every fourth respondent (24%) plans buy a new a used car this year. This is confirmed by Swedbank’s information regarding a 25% rise in demand for car financing. When asked which factors they consider when buying a new car, potential car-buyers mentioned the price (82%), brand of the car (68%), fuel consumption (67%) and engine power (66%).

The most preferred popularly mentioned cars in the used cars segment include 2000 released Volvo V70, Audi A4 and Volkswagen Passat. These models have proven themselves to be reliable with good warranty and availability of spare parts. In the new cars segment respondents most often mentioned Nissan QASHQAI, Nissan JUKE and Toyota RAV4, as reported by Swedbank.

Survey results also reveal that only 30% of respondents are completely satisfied with their homes. 70% of respondents would rather buy a different home, and 21% of them plan to buy a new home in the near future. When asked about factors that attract their attention when buying a new home, 60% of respondents mentioned the price and their financial capabilities to afford the loan. 56% mentioned appropriate infrastructure for the needs of the family and monthly utility costs. Less important factors include potential neighbours (33%) and the floor of the future apartment (31%).

When asked what kind of home they would like to purchase, 26% of respondents noted that it has to be a house in Riga or Pieriga. 17% mentioned they would rather buy a home in a small town and 15% – in a rural area.

Swedbank’s data on residents’ preferred types of homes in comparison with actually bought properties shows that 73% would rather buy apartments in buildings finished in 2000. The average preferred area of apartments ranges within 36 to 55 m2. 26% of all purchases are houses (more often built in 2000) with an area from 100 to 150 m2.

Ref: 102.109.109.3783


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