Latvia, Real Estate

"I am glad that as a result of consistent work a high number properties unnecessary to the state - 109 objects in total - were sold in 2019, which is 26 properties more than a year before, generating EUR 0.7 mln more in revenue than in 2018," Varna said, adding that the money earned from selling the real estate will be used to renovate properties in the state's possession.

The real estate sold in 2019 includes a property at 8/10 Rojas Street and Poruka Boulevard in Jurmala which was sold for EUR 949,250, a property at 88 Indrika Street in Riga, sold for EUR 679,000, and a property at 7, 7A Ciekurkalna 7th Cross Lane in Riga, sold for EUR 643,000. 

Varna noted that VNI has been successfully developing lease of commercial property, as leasable commercial properties in Riga have reduced by 9 percent from the end of 2018.

At present, VNI is offering around 200 properties for rent or sale.

VNI is one of the largest state-owned companies in Latvia managing and developing public property, as well as providing premises to state institutions. VNI is a wholly state-owned enterprise, with the Finance Ministry holding its shares on behalf of the state.