“Property worth up to 200 thousand Euros accounted for the majority or 34% of all deals”, says Vestards Rozenbergs, Chairman of Board of Baltic Sotheby’s International Realty. “17% – living space worth 200–300 thousand Euros, 8% – worth 350–500 thousand and 500-700 thousand Euros each.”
The majority of buyers are foreign citizens. However, an upward trend in the number of local buyers was observed last year.
According to Vestards Rozenbergs, the number of requests by foreign investors doubled last year compared to 2011. “We assume that the number of deals will continue growing in 2013”, adds V. Rozenbergs.
According to the experts at Baltic Sotheby’s International Realty, factors that might influence growth in demand not only for living space but also for commercial area include amendments to the Law on Enterprise Income Tax.The amendments became effective as of January 1, 2013 and ensure favourable environment for corporate investments by easing dividend payout procedure and making Latvia even more attractive to international holding companies.