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Saturday, 20.12.2014, 19:12
Latvian Saeima passed amendments to the Insolvency Law in the final reading today, stipulating that the amendments will come into force on March 1, 2015, reports LETA.
Keyword tags: Financial Services, Latvia, Legislation, Loan, Real Estate
The construction of the Latvian Pavilion for "World Expo 2015" will be entrusted to the Swiss company Adunic AG for EUR 3.1 million, the Swiss company is also building the German and Austrian pavilions for "World Expo", as Economy Minister Dana Reizniece-Ozola (Greens/Farmers) announced at a press conference today, cites LETA.
The City of Vilnius, together with private investors and world renowned architect Daniel Libeskind have revealed the design for Vilnius Beacon at the Liepkalnis Ski Hill, reports BC Rasa Razgaitis from Vilnius City Municipality.
The government decided today to spend EUR 1.6 million to cover additional costs for the national pavilion at "World Expo 20`15" in Milan, according to information acquired by LETA.
In November 2014, the price decrease of the standard-type apartments that began a month earlier with a minimum price decline, continued in the housing estates of Riga. The standard-type apartment prices in November, compared to October, have decreased by 0.2%, and this price decline has been typical for almost all major housing estates or Riga, says Mr. Māris Laukalējs, Member of the Board of Directors of ARCO REAL ESTATE.
As of March 2015, Eesti Pank will be applying three requirements to commercial banks issuing housing loans as a precautionary step to decrease the risk of a credit boom in the future, Estonia's central bank announced, cites LETA.
The Finnish construction company YIT is going to construct a shopping centre Nordika in Vilnius, reports LETA/ELTA.
Estonian construction businessman Rain Kolga began a hunger strike in Helsinki to protest against the harassment of officials, Postimees Online cites Helsingin Sanomat.
The EfTEN Real Estate Fund announced that it expanded its Latvia’s real estate portfolio by acquiring in auction A class office building in Lāčplēša street 20A, reports LETA.
Swedbank housing affordability index (HAI) has slightly increased in Riga in the third quarter due to monthly salaries growing faster than house prices. However, due to the recently-amended insolvency law, the down payment for a mortgage loan has significantly grown, thus, affecting the housing affordability index, reports LETA.
Construction of sports and wellness centre Vilnius Beacon, designed by Daniel Libeskind, should break ground in 2015 at Liepkalnis skiing course, the highest point in Vilnius, reports LETA/ELTA.
Real estate company Colliers International has sold a historic building in Riga which was owned by the bankrupt bank Snoras, reports LETA/ELTA.
The Estonian government approved on Thursday of the agreement between Estonia and EU Agency for large-scale IT systems (EU LISA), under which the state will build the agency headquarters for 8.4 million euros in Tallinn, LETA/Postimees Online reports.
Since the latest amendments to the Immigration law came into force on 1 September 2014 the minimal price of the property in exchange for the residency has risen from the alluring 72 000 EUR to the quite unattainable 250 000 EUR. This is the reason why the number of foreigners interested in purchasing property in Latvia has increased considerably since the beginning of autumn. However many foreigners are unaware that in fact there are more than 20 other grounds for obtaining a temporary residence permit in Latvia!
Along with an increase in the private house sector activity, the number of transactions with single family detached homes in Riga and its vicinity increased by 2.7% in 2014. As stated in the private house market overview prepared by ARCO REAL ESTATE, a positive trend was also observed in construction of private houses, where, compared to three quarters of the last year, the number of building permits issued increased by 3.5%.