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Activity on the market of private houses picked up in 2017 in Latvia
BC, Riga, 23.03.2018.Print version
Activity on the market of private houses in Riga and its area increased in 2017, with transactions in residential land plots and private houses growing against a year before, Maris Laukalejs, a board member of Arco Real Estate, told LETA.
According to the company’s latest housing market review, the number of transactions in residential land plots (larger than 600 square meters) in Riga rose by 17% in 2017, while transactions in private dwelling houses grew 7% year-on-year.
The trend to build private houses for one’s own needs and not for selling also continued last year.
“The number of building permits issued last year is a clear reflection of the increased activity in the aforementioned segments. Compared to 2016, the number of building permits grew by 47%. A total of 1,948 permits were issued in 2017 for the construction of private houses, which was the highest figure in nine years,” said Laukalejs.