The level of activity during the latter half of January in the segment of renting exclusive real estate makes it possible to predict ever-increasing demand during the spring and summer. Real estate experts recommend that preparations begin for the new season.
“The calm of the Christmas holiday in December has been replaced by a great deal of activity in the New Year,” says Baltic Sotheby’s International Realty expert Evita Pudāne. “Rental flats in the luxury segment are being sought by employees of foreign embassies, as well as by people from international companies whose arrival in Rīga is being facilitated by the country’s accession to the euro zone. This demand mostly applies to homes in the quiet centre of the capital city, as well as in Old Rīga, where interest still exceeds supply. In most cases, people are seeking long-term leases, and this is advantageous for owners of luxury homes who can offer renovated flats in renovated and improved buildings. Also among those who are interested in this are local residents – specialists and young families which have not yet taken final decisions about their homes and which are looking at infrastructure and the proximity of schools and kindergartens.”
Specialists emphasise the fact that the peaceful nature of winter is particularly misleading in Jūrmala, because this is the best time to improve homes and to offer them for rental in the active centre and along the shoreline, which provides more quiet and more peaceful relaxation.
“We must note that the active rental season in Jūrmala is becoming ever longer,” says Baltic Sotheby’s International Realty expert Ineta Kaužēna. “It begins in early spring and, if the weather is good, it remains fully in place until the end of September. We are already seeing an active wave of demand of rental premises in Jūrmala during the Easter season and the summer. Over the past two years, we have seen increasing numbers of people in Jūrmala who leave their own homes during the summer so that they can rent them out to holidaymakers and thus improve their financial situation on an annual basis. We believe that the trend will remain in place this summer, because demand in the premium segment during the summer season exceeds supply.”
Real estate specialists say that the lack of supply is sometimes influenced by the fact that owners are concerned that renters will damage their property and the exclusive objects that are in their homes. In such cases, the recommendation is to work with insurance companies, which offer a wide range of services in this segment. Thus, for instance, the civil liability insurance product director for the If Insurance Company, Uva Kaijaka, says that “If has a wide range of civil liability products, including insurance for the civil liability of renters. Compensation is paid not only if so-called third parties (neighbours, guests, etc.) cause damage to health or property, but also for other losses incurred by those who own a flat or building and rent it out. If also compensates for losses which often have to do with damage furniture, stains on carpeting, damage to wall coverings or wallpaper, etc. It sometimes is the case that this damage is caused not by the renters themselves, but by their beloved pets.”
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Resource: OWNERS OF LUXURY HOMES MUST PREPARE FOR NEW SEASON