A new trend in the real estate market in Latvia in recent times has been restored interest in renovated buildings in the capital city of Rīga that have stood empty for some time. Baltic Sotheby’s International Realty board member Ilze Mazurenko: “Investors are rather active in properties in the Quiet centre and elsewhere in the city. The only obstacle at this time is that in some cases, current owners are demanding an inappropriately high price for their properties. This is a paradox – owners do not have money or resources to develop their properties, but the price thereof remains very high. This causes suffering in terms of the appearance of Rīga, because every building that is unrenovated and in poor shape is like a rotten tooth that damages the city’s smile.”
And yet this is a segment in which some movement has been seen in recent times. In August and September, Baltic Sotheby’s International Realty handled the sale of two buildings opposite the Latvian National Theatre – at Zigfrīda Meierovica Street 2 and Jēkaba Street 30 – for nearly EUR 5 million. Buildings at Lāčplēša Street 11/13 were sold for EUR 3.65 million, and the plan is to build a block of high-quality apartments there.