Prices for Riga’s economy-class apartments in brand new projects are growing at about 10% per year, and in the coming years, this trend may continue due to natural reasons, says the chairman of the board of Bonava Latvia, Marek Kļaviņš. According to him, the economic growth of the state contributes to increasing the solvency of residents and contributes to the growth in the housing market. There is no reason to worry about the market overheating.“There is still great potential in Latvia and in the coming years we are waiting for increased competition among developers of real estate projects,”Marek Kļaviņš said. At the same time, he noticed necessity of the state support. To promote the successful development of this segment of the economy, construction labor market should be opened and impact of bureaucratic obstacles should be reduced.
The number of new apartments sold in 2018 by Bonava Latvija exceeded 2017 figures by more than 40%.