Last year was a year of stabilization and transition in the Latvian housing market, in which buyers became more active again after the previous period of caution, Roberts Reboks, Member of the Board of the real estate developer Merko Majas, told LETA.

The reduction in interest rates and greater clarity about the direction of the economy created confidence in long-term decisions. Reboks points out that in the past year buyers’ choices in the real estate market have become more thoughtful and based on rational arguments, which indicates a stable and healthy development of the market.

The market as a whole was marked by a number of significant trends, explains Reboks. Buyers have become more thoughtful and rational, increasingly looking at total life-cycle costs and energy efficiency rather than just the initial price. The structure of demand remains similar to before, with three-room apartments of 60 to 70 square meters being the most in demand, followed by two- and four-room dwellings.

Reboks also points out that the profile of buyers is more diverse than before – families with children dominate, but there is also a growing interest of young couples and professionals in a quality residential environment close to the city. This change reflects a broader shift in society’s values – people are increasingly thinking more about comfort, sustainable solutions and living standards, says Reboks.

According to Firmas.lv, in 2024 Merko Majas had a turnover of EUR 14.697 million and a loss of EUR 809,486.

Merko Majas has so far built almost 2,500 homes across Latvia. Merko Majas is the developer, seller and guarantor of residential projects.

The company was registered in 2003 and has a share capital of EUR 35,180,480. The company is owned by the Estonian company Merko Residential Investments.

Source: BNS

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