The real estate market in Latvia has picked up, and Estonian developers are taking the lead in many new projects.
While construction costs in Latvia are similar to those seen in Estonia, land in Riga is significantly cheaper, and planning procedures often take less time.
Ongoing and planned real estate developments in Latvia come to a little over 14,600 apartments in total, but only 500 of these are being developed by local Latvian firms, according to statistics compiled by Estonian developer Invego.
Invego operates in the Latvian market, along with other Estonian firms such as Merko, Hepsor, Invego, Esterra, Kaamos, Bonava, and the Finnish firm YIT.
Taavi Soorm, CEO of Bonava Eesti, owned by Swedish stakeholders, told ERR that real estate prices in Riga are lower than Tallinn’s and at a level seen in the Estonian capital around a decade ago.
More read: ERR.EE