Over the next ten years the Latvian market will welcome at least 100,000 investors. This opinion is shared by the famous Latvian businessman and former politician Ainars Schlesers ee24.com reports citing delfi.lv.
During the V European Congress of the International Real Estate Federation (FIABCI) an expert stated that the benefits of Latvia are its neighbors - Russia and Belarus, as well as the country's membership in the EU and the forthcoming accession to the euro area (2014). According to Schlesers many wealthy Russians see Latvia as a whole and Jurmala in particular as one of the most attractive places to live. However, the country is certainly interested in attracting investors from other countries.
The expert also noted that Riga has the potential to become a new business hub like Singapore or Hong Kong, and also suggested that in the next 10 years about 100,000 investors will come to the real estate market in Latvia.
Recall that the increased interest in the Latvian real estate was caused by the amendments to the Immigration Act, adopted in 2010. The changes affected the granting of residence permits in exchange for real estate investments. Over time of work of the new law on "golden visa" Latvia has received €1.5 billion (LVL 1.05 billion) in investments.
Shlesers emphasized that we are not talking about the next bubble in the property market, as investors buy property for their own, and not borrowed money.