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The Key to Successfully Investing in Investment Real Estate in Latvia
from: Rhiannon WilliamsonWith annual real estate price gains in the region of 40%
achievable from certain areas of the Latvian property market,
surely the key to successfully investing in real estate in
Latvia is just getting into the market right now and enjoying
the record price increases?
Well no actually!
While property price gains of 40% in parts of Latvia's capital
city of Riga have been recorded and have resulted in a surge of
overseas investor interest in this new European Union member
state, the key to long term success is in understanding the
local Latvian economy.
Although Latvia is an attractive, interesting and historic
country of diverse geography which creates a stunning natural
environment for tourists to explore, it is not a tourism hotspot
and not a country trying to target tourism. Rather it is a
country with a government committed to transforming its economy
from the one paying the lowest wages in Europe to the one
attracting the largest amounts of foreign direct investment in
the European Union.
The success or otherwise of the Latvian government's commitment
to improving levels of foreign direct investment and boosting
the local economy is key to the ongoing and long term success of
the investment real estate market in Latvia.
Why?
Because a real estate investor's target audience - whether for
rental property or resale real estate - is the local Latvian
people. And if their government can continue to improve their
economy, push up GDP, increase the wealth of the common man and
make owning property a real prospect for more and more Latvians
as is their vision, then a real estate investor buying into an
incredibly cheap market now will have a growing audience gaining
in wealth status to target for his rental income or equity
appreciation in the future.
An indication that the Latvian real estate market is going to
prove successful and that property investors who carefully
select their investment real estate assets in Latvia will profit
from them over the medium to long term is that the mortgage
market in Latvia, which is in its absolute infancy, is gaining
substantial strength.
Interest rates in Latvia are incredibly low in real terms and
outstanding mortgage loan figures in Latvia are at least 40%
lower than in other EU countries. This means that more and more
local and international lenders are becoming aware of the huge
potential for profit in Latvia and are beginning to enter the
marketplace - this should give an investor great confidence for
two reasons...firstly the financial institutions committing to
the mortgage marketplace are not in it for the short haul and
secondly the increase in availability and affordability of home
loans means that an increasing number of Latvians are being
afforded greater purchasing power and are gaining in financial
strength. Because, as stated, it is the local market that will
ultimately provide an investor with his target audience, this
bodes well for the long term profitability of property
investments made in Latvia today.
About the author:
Rhiannon Williamson writes about real estate investment in
emerging markets worldwide. To read more about
target="_new">property investment in Latvia click here.
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