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The prices on the real estate fall in Lithuania and Estonia, but, as Latvian experts suggest, the prices on the property in Latvia will remain the same. However, they add that the price growth in Latvia will slow down or even stop. The prices on the real estate have fallen by 0,5- 5 % in Lithuania and by 5-10 % in Estonia. The total amount of deals connected with the real estate also decreased. The experts from the Baltic states do not mention the concrete reason of the price fall, but suggest that one of them can be the decision of Lithuania to postpone the introduction of Euro. The representative of Hansabanka, Martinsh Kazaks pointed out that the prices on the real estate during last year grow by 50 %, however the income of inhabitants increased only by 17 %. So way the people who sale real estate must be very attentive with the prices in order not to exclude potential clients. Experts also emphasize that the price growth on property will slow done with the time, and those who work in the field of construction must humble with it. Nowadays the most expensive property in Latvia is the property in Old Town/Riga, where the prices raised till 5.000 Euro per square meter. The mortgage market also increased in Latvia. The total amount of the mortgages that were issued by the banks reached 2,098 billions of Lats by the end of April, 2006. It is on the 20 % more then in the beginning of this year. Hansabanka issued most of all mortgages, the total sum of them reached 581,353 millions of Lats. This bank owes 27,7 % of the mortgage market. The second place holds SEB Latvijas Unibanka that issued mortgages on the sum of 361,618 millions of Lats. Unibanka owes 17,2 of the mortgage market. DnB holds the third place and owes 11,3 % of the market. It issued the mortgages on the sum of 13, 226 millions of Lats. Who can buy property in Latvia? In the cities: - apartments, commercial property a) no restrictions; - land b) Latvian Citizens and the citizens of the European Union countries; c) Latvia or in other EU countries registered company, in which more then half of the capital belongs to the Latvian or other EU country citizen/citizens; d) other natural or juridical persons (not belonging to the EU states citizens/companies) can buy land with some restrictions; (please, contact our office staff if you would like to clarify this question). Land pieces in latvian regions: a) Latvian Citizens b) Latvia registered companies; c) companies, registered in other countries, but in which half of the capital belongs to Latvian citizen/citizens; d) the EU citizens and in the EU countries registered companies, excepting agricultural land and forests; e) companies, registered in other countries, in which half of the capital belongs to the citizens of the following states (with whom Latvia has the International investments agreement): Finland, Sweden, Denmark, France, Norway, China, Switzerland, German, The United Kingdom, Israel, The Netherlands, Austria, Czech Republic, USA, Greece, Romania, Canada, Vietnam, Estonia, Lithuania, Uzbekistan, Korea |
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