The construction of new multi-apartment houses in Latvia has been stagnating for ten years, and the trend is not changing. Due to the current rise in construction costs and supply chain disruptions, it has been declining even further."According to data from the estate consultancy company Colliers, the number of new apartments available on the market and completed in Rīga has fallen to historically low levels in the last ten years. On the other hand, activity and demand in the housing market continued to grow, and apartments were increasingly purchased when they were still in the construction phase," said Bank of Latvia expert Andrejs Semjonovs. He also noted that the low interest of developers in investing in new housing in Latvia is a matter of low purchasing power.“It should be noted that the major developers who work on the Latvian market also work in Lithuania, Estonia, and the Scandinavian countries, where the purchasing power of the population is higher. Housing prices are higher, and from this point of view alone, it is certainly more beneficial for this developer to make a larger share of investment in these countries than in Latvia,” said Semjonovs. (ICE STOCCOLMA)

Fonte notizia: Public broadcasting of Latvia 17.5.22