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Market report about situation on May 2013



THE MOST ACTIVE INVESTORS - CITIZENS OF RUSSIA, CHINA AND UZBEKISTAN

Obtaining of residence permit in exchange for a certain amount of investment has become very required. At the end of May, the most active investors were citizens of Russia, China and Uzbekistan. Since Immigration law amendments came in force in 2010 there have been issued 6249 residence permits. Total amount of investments since the beginning of these amendments is around 380.5 million Latvian lats. “4% of investments have been invested in Latvian corporations, 16% at banks subordinated capital, while the remaining 80% were invested in residential and commercial real estate”, the situation commented CEO of company BALSTS Aigars Zarins.  

 

Financial stability in Latvia gradually improves, as a result, the banks look more positive to the granting loans for residential purchases. As existing apartment stock still do not match customer needs, deferred demand for new apartments, which came from years 2008 - 2011, becomes more perceptible. In second quarter of 2013 observed increasing of local buyer interest for apartments in the new projects owned by bank subsidiaries.

  May of 2013 did not come up with new turns. 0.29 to 0.9% price increase were spotted in secondary apartments in Purvciems, Plavnieki and Ziepniekkalns. But 0.35 - 0.64% price drop were observed in Mezaparks, Mezciems Kengarags and Imanta. Average apartment price in Riga for May constituted 579 euros per square meter. BALSTS index remains unchanged for the fourth month - 131 points.

 

 

 

More information you will get::

Balsts ,Lacplesa 41,

Тel.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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