International Internet Magazine. Baltic States news & analyticsFriday, 03.07.2009, 21:29
Latvian government orders Riga Acoustic Concert Hall project halted
01.07.2009The Cabinet of Ministers yesterday decided that the Riga Acoustic Concert Hall project will be terminated, and assigned the Culture Ministry to take the necessary measures so it would not have to rent the AB jetty from the Riga City Council any longer. The government has put aside LVL 50,000 so it could pay the expenditures that are still unpaid.
Keyword tags: Latvia, Real Estate
Consolidated profit of BMGS construction company totalled LVL 2.97 mln in 2008
30.06.2009Consolidated profit of the joint-stock construction company BMGS in 2008, after tax and minority interest, totalled LVL 2,968,363, according to the Register of Enterprises' Lursoft data.
Construction input prices in Lithuania decreased by 11.0% in May y-o-y
29.06.2009Statistics Lithuania informs that construction input prices in May 2009, as compared to April, decreased by 0.5%. Over the year (May 2009, against May 2008), construction input prices decreased by 11.0%.
Most Latvians, Lithuanians and Estonians lived in flats in 2007
26.06.2009The fourth edition of "Consumers in Europe", jointly published by Eurostat, the Statistical Office of the European Communities and the General Directorate Health and Consumers of the European Commission presents a comprehensive set of data on consumer markets and consumer protection issues in the EU. In the EU27 in 2007, 46% of households lived in flats, 30% in detached houses and 22% in semi-detached or terraced houses. The share of households living in flats was highest in Latvia (72%), Estonia (69%), Spain (66%) and Germany (62%). In Lithuania 59% of residents live in flats.
Total floor space of Latvia housing stock reached 61 mln m2 at the end of 2008
19.06.2009Calculations of the Central Statistical Bureau, which are based on the information of State Land Service and on data acquired from statistical surveys, show that total floor space of Latvia housing stock at the end of 2008 reached 61 mln m2, of which 65% were located in urban territories. Total floor space on average per resident inhabitant at the end of 2008 comprised 27 m2, and, if compared to the previous year, during a year it grew by 2%.
Swedbank in Estonia might enforce 400 bad housing loans by year-end
Hansabank in Estonia says it may have given court bailiffs 400 bad housing loans to enforce by the end of 2009, writes Äripäev/LETA.
Mapri Projekt changes its name into Nordecon Betoon
A subsidiary of Estonia's developer Nordecon International OÜ Mapri Projekt decided to change the current business name to Nordecon Betoon in line with the group's development strategy, Nordecom International reported.
Construction outputs in Baltic States were the steepest in EU in Q1
Construction output in Latvia fell by 29.8% in the first quarter of 2009, compared to the first three months of 2008, which was the third sharpest decrease in the European Union, the EU statistical office Eurostat informs. The steepest plunges were recorded by Lithuania – 42.8%, and in Estonia – 31.3%.
Estonian real estate company Fixor Invest went bankrupt
Estonia's Fixor Invest, that manages real estate and is 60% owned by a Hansabank founder Rain Lõhmus, went bankrupt, BBN/LETA quoted Äripäev.
New tax changes planned for 2010 in Latvia
Starting 2010, new changes to the tax system will be introduced in Latvia which will affect the property market as well as personal income; the government could also increase value-added tax, according to the government's economic stabilization and development program for Latvia.
Cheaper real estate might trigger brokerage fee increase in Estonia
Real estate has become cheaper in Estonia, and therefore brokers earn less, which is why the brokerage fees' rate is expected to increase in the near future, BBN/LETA quoted Soov.
Emerging real estate markets are becoming attractive
Global real estate investors who fled emerging Europe at the start of the year 2009 are inching back to the region, lured by prospects of higher returns as fears of widespread economic collapse ebb.
Invalda sold shares of VIPC Klaipeda
Lithuanian investment company Invalda AB sold 47% of VIPC Klaipeda shares, Invalda reported.
Price for standard design apartments in Riga dropped by 7% in May
In May 2009, the average price for standard design apartments in Riga fell by 7% against April to 518 euros per square meter (EUR m2), a market review released by Latvia's Latio real estate company shows.
Global Property Guide: Latvian property market was worlds worst in Q1
Latvian property prices plunged the most in the world in the first quarter of 2009 as the economy fell into the steepest recession in the European Union, a survey by the international real estate market research company Global Property Guide showed.
Swedish EU Presidency: the “Baltic course” is gaining strength
