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Latvian real estate market outlook for 2011.

Within a year or two in Latvia again could be shortage of quality real estate, and in all market segments - such a forecast made after the company Colliers International market research of real estate in Latvia. In his interview for the newspaper Telegraph, managing director of the Latvian office of Colliers International said the "2010 real estate market was more active than 2009. There was more transactions in the segment of commercial real estate and residential real estate segment, which confirmed our previous forecast of pent-up demand. "

According to Denis Kairan, 2010 can also be called the year of the banks, as they have become one of the major holders of real estate and on their strategies and policies depends largely on the further development and trends in the real estate sector in Latvia. In the past year has intensified as the rental market. On the main shopping streets, new shops on the ground floors of buildings and shopping centers has become apparent stabilization in recruiting tenants.

Colliers International forecasts for 2011:

- Real estate prices and rents have reached their lowest points in all segments and will remain stable, with slight adjustments in some cases, in the direction of their increase;

- The major market players will be banks that will continue in 2011, taking over real estate policies related to their business. Active implementation of the property taken over this year is not expected. This policy will help the rest of the banking market players to concentrate on the real property that is not burdened by the relationship with lending institutions and help stabilize prices and interest rates;

- Vacancy vacancy rate in commercial real estate will be stable with a slight adjustment in the direction of decreasing free space.

- The market will work with objects that are built in the fat years, as new construction on a massive scale is not planned. This will lead to the fact that in 2012-2013 in Latvia again could be shortage of quality real estate (all segments). In some cases this can be seen today: the demand for property under a residence permit in Jurmala is already beginning to exceed supply;

- In 2011 will continue the trend of sale of entire objects, it may be empty, unsold apartment buildings, and objects in which the premises have been leased and the building brings a regular income.

"The real estate market is in the final stage of the cycle in which we have already managed to go through the active development, and the fall in the next 2-3 years we hope for a partial recovery. The truth is to admit that such a buzz that was in 2005-2007, the Latvian market can never wait for ", - concludes Denis Kairan.

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