Latvian real estate market review (Real Estate - Other Real Estate Ads)
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Item ID 3853675 in Category: Real Estate - Other Real Estate Ads
Latvian real estate market review | |
According to the annual review, provided by the Latvian State Land Service (hereafter the SLS), during the period from the second half of 2011 to the second half of 2012, 49% of the total transaction turnover in real estate originated from deals on flats and commercial buildings, leaving more than half (51%) of all turnover being related to plots of land. As the SLS mentioned in it's review, the biggest players in the real estate market in Latvia today are commercial banks and their subsidiaries. The second position (by volume of financial turnover in real estate) is held by the foreign investors, many of whom pursue the goal of receiving a residence permit in Latvia based on the purchase of real estate. The fact that Latvia's credit rating and GDP have increased significantly in recent years, while the rating of other European countries has declined, has played a crucial role in drawing the interest and confidence of foreign investors - especially in the Latvian real estate market. Many studies along with visible trends prove that the amount of money spent on real estate in Latvia will continue to increase for the forseeable future. The speed of growth has been strong but steady, increasing confidence and reducing the risk of any kind of property bubble. According to statistics provided by the Office of Citizenship and Migration Affairs, during the last year alone, 2,435 foreigners requested a residence permit based on the purchase of real estate. The SLS data shows that the role of the Riga real estate market has always been bigger than the rest of the Latvian market. This trend has increased during the last few years. The amount of real estate deals in Riga is two times higher than in the rest of Latvia, which makes real estate in Riga in pretty high demand. | |
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| Target Prov.: All Provinces Target City : Riga Last Update : Apr 11, 2024 1:49 PM Number of Views: 66 | Item Owner : Baltic Legal Contact Email: Contact Phone: (None) |
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2024-11-21 (0.409 sec)