Construction, Investments, Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:12

New real estate projects in Latvia now extremely segmented

Nina Kolyako, BC, Riga, 21.11.2012.Print version
New project market in Latvia has walked a long way from mass speculative transactions to stagnation and uncertainty among participants of new construction. According to Vestards Rozenbergs, Chairman of Board of Baltic Sotheby’s International Realty, company specializing in premium real estate, a new trend can be observed at the moment – projects are positioned based on the requirements of the target audience and end-user.

During the pre-crisis period or the so-called “years of abundance” developers, based on a constant rise in prices, tried to “squeeze” as much as possible out of every square meter of land on which a project was implemented. Therefore, residential area projects were developed considering the maximum permissible construction norm. “Objects did not always have clear economic grounds in long-term perspective”, points out for BC Vestards Rozenbergs.

 

He believes that currently a new trend can be observed on the new project market – each new project is intended for a certain end-user segment.

 

Thus 2/3 of buyers of the project Gypsum Factory Riverside Residences (Ģipša fabrika in Ķīpsala) are foreign citizens. They love the idea of this oasis of peace and quiet nearby the old town. Another category of buyers are supporters of active business lifestyle. Developers have implemented projects on Antonijas iela 11, Alberta iela 1, and Vilandes iela 8 (Vīlandes iela) for them.

 

Moreover, aspiration of a comparatively large part of the global society for “eco-style” contributed to the Pearl project. The Project based on the banks of Lake Mazais Baltezers offers modern infrastructure and a certain level of the quality of life close to nature. 

   

“Sometimes it is quite hard to understand the requirements of buyers. Another development trend of new projects might be explained by that. Services of professional real estate specialists as well as experts experienced in new project development are in demand now more than ever”, adds Vestards Rozenbergs.






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