This increase of investments in commercial real estate was encouraged by the overall development of the Baltic region, the recovery of the Latvian economy and investors’ interest in diversifying estate portfolios. "We started to enjoy the positive effects associated with joining the euro zone as early as 2013. Similarly to Estonia, in Latvia investor activity was already increasing one year before the physical introduction of the euro, when the positive decision regarding joining the euro zone was adopted. Therefore, trends in 2014 should follow the same pattern as in 2013. However, we do not forecast a sharp increase in the number of transactions," says Managing Director of Colliers International in Latvia, Deniss Kairāns. Commercial real estate with cash flow is actively purchased by specialised real estate funds and asset management companies with resources originating mainly in the Nordic Countries, as well as Russia. Both, Domestic investors and private investors from CIS countries supported activity by buying real estates from bank portfolios; these were mainly objects requiring reconstruction or completion of construction works.
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About Colliers International:
Colliers International is an international commercial real estate consultancy company with 512 representative offices around the world. At present, the company employs approximately 17,000 real estate experts and brokers. The company has been operating in the Baltics since 2004 and provides a full range of services to its customers, starting from the development of an overall real estate concept, investment consultations and corporate services to project supervision, assessment, management and broker services. The influential finance magazine Euromoney declared Colliers International the best real estate consultancy company in Latvia in 2013 for the ninth year in a row.
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