Riga Property Services

* fit out your existing white or grey finish investment property

  our aim being minimum cost enabling maximum rental

* refurbish your secondary market property

* buy land and build your new house

* find tenants and manage your investment properties to give
  you the maximum return in these difficult times

* find you a low cost, high yield investment

Did Latvia progress so far economically since independance from soviet rule in 1991 to slip back a little now (along with the UK, USA, Eire etc) and never recover or will Latvia re-emerge as the world recovers from this economic setback? Of course we believe it will re-emerge too, there is still a long way for Latvia to go to reach a parr with other European countries. The only unknown is the time scale.

If the statistics are of interest, in 2008 the Latvian government has said Riga needs 30,000 more units of property to meet future demand. Most Rigans still live in overcrowded soviet style apartments. New units being completed in each of the last five years were as follows:

2004 - 2821, 2005 - 3812, 2006 - 5865, 2007 - 9369, 2008 (first half) - 3589, less than half this number for the second half of 2008 and very few for 2009!

During 2010 we have seen a definite upturn in optimism and property sales. There have been quite large numbers of apartments sold by 'distressed' developers some reposessions sold by banks (although most are being held onto) of course mostly at bargain prices. But asking prices from agencies on behalf of individual sellers have seen a marked rise. Although as yet we cannot be certain how close these asking prices are to achieved prices it shows the market is moving again and in the right direction.

The oversupply in the rental market is reducing and rents are stabilising and in some cases small increases have been possible. Rents will rise further as the economy improves - fingers crossed.