Estonia, Investments, Latvia, Real Estate

The business operations of UMPA Latvia will be overseen by Aigars Zarins, a long-term cooperation partner of Uus Maa, who has been active on the property market for 20 years and serves as an executive of the Baltic Multinational Chapter of the International Real Estate Federation (FIABCI), writes LETA.

"Latvia'1s property market received a much harder hit during the crisis than the Estonian market and is only now showing first signs of recovery. We believe that commencing our activities at this moment creates a firm basis for successful business," said Ardi Roosimaa, board member of UMPA Latvia.

"Many investors are currently looking for higher rates of return, which would justify the risks associated with complicated global economy. Latvia has demonstrated strong macroeconomic results, providing us with a reason to believe that the private sector, including the property market, will start to grow in the coming years to catch up with the neighboring markets. The investment services provided by UMPA are based on a long history of international experience and cooperation," Roosimaa explained.

"Today is the right moment to start this business, because Latvian real estate market starts to recover from the biggest drop in the world. Investors usually look to the Baltic States as a whole and this would be the first step for a growth. We already have extensive experience working with corporate clients, and now have the opportunity to separate this business scope to focus and to give our clients superior service. Establishment of UMPA Latvia is the first step to serve the entire Baltic region as a whole and provide better quality service to our clients," commented Zarins, Chairman of the Board at UMPA Latvia.

UMPA is a member of Uus Maa Real Estate Group, one of the oldest real estate companies in the Baltics, specializing in brokerage and advisory services related to property investments. The company is active in all three Baltic countries, with headquarters in Tallinn. The board of UMPA has almost 20 years of experience in real estate.