Analytics, Latvia, Real Estate, Society

International Internet Magazine. Baltic States news & analytics Friday, 01.08.2014, 16:53

Latvians name criteria for premium real estate

Nina Kolyako, BC, Riga, 22.06.2012.Print version
There are no common criteria for elite quality of life and elite housing. It can be explained by differences in historically developed construction between cities of the world. Nevertheless, at least 79% of the Latvian population believe that the main factor which determines whether the housing belongs to premium class is its location.

Top 5 criteria also include infrastructure, safety, individuality of architectural solution of the house and decoration, and ecological climate. The aforementioned is evidenced by data of Snapshots* survey conducted in association with company Baltic Sotheby’s International Realty specializing in premium real estate, informs Baltic Sotheby’s International Realty PR and Marketing manager Natalija Lokenbaha.

 

According to Baltic Sotheby’s International Realty survey data, men and women have a different understanding of premium real estate. Male population rather than representatives of the fairer sex pay more attention to factors, such as location (84% to 74%), individuality of architectural solution of the house and decoration (54% to 45%) as well as a common social environment (14% and 9% respectively). While women consider safety and price to be more important.

 

There are also differences between the way residents of Riga and those living in other regions of Latvia see premium real estate. Residents of Riga think it means infrastructure of the house, green yard, and a playground whereas people living in the country pay less attention to the aforementioned factors.

 

Only 20% of people living in the country consider a parking space important. Their opinion is shared by 37% of residents of Riga and 43% of those living in other towns of Latvia.

 

Speaking of difference of opinion depending on age we can see the following picture: criteria, such as location and ecology, tend to grow in importance with respondents’ age. In other words, the older the person the more he is interested in the location and clean air.

 

Or another thing: when identifying premium real estate, economically active people aged 20-50 years give priority to a parking space whereas respondents aged 30-39 years – to playground. Importance of the last criteria to the respective group can be explained by statistical data. According to the statistics, Latvian women give birth to their first child at age 26+.

 

“Premium real estate objects are unique and exceptional just like their owners. And the higher the income the more clients name criteria, such as common social environment and clubhood as well as individuality of architectural solution of the house and decoration”, says Ilze Mazurenko, co-owner of Baltic Sotheby’s International Realty.


Top 5 criteria for premium real estate

Criteria

% of respondents

Location

79

Infrastructure

68

Safety

64

Individuality of architectural solution of the house and decoration

49

Ecological climate

36

 

*Snapshots survey was conducted by Omnicom Media Group. The sample was made in proportion to the ratio of each socio-demographic group in Latvia so that all groups would be represented and correspond to various socio-demographic characteristics. The overall number of respondents surveyed was 1021.

 






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