To foreign companies, Latvia’s real estate market represents a slew increasingly unprofessional and chaotic offers from some local realtors. These are relatively new enterprises that want to earn quick money on the wave of foreign demand. To break the “better steer clear of Latvian companies” stereotype that has started to form with foreign players, on 17 May Baltic Sotheby’s International Realty, which operates in the premium realty sector, is conducting a seminar for partners from Russia and Belarus.
“Amendments to the Republic of Latvia Law on Immigration, entitling one to a residence permit in exchange for a real property purchase have certainly increased demand on the part of foreigners”, says Vestards Rozenbergs, co-owner and chairman of the Board of Baltic Sotheby’s International Realty. However, these same amendments, he claims, have provoked an influx of new real estate companies. Without adequate experience or knowledge but sensing a quick profit, these firms can damage the image that professional players on the Latvian market have worked to create. “Our market is small and currently affected by a sort of thirst for gambling; this situation can quickly bring about a moment of truth”, Rozenbergs adds.
“During our operations on the Baltic market, we have established a network of real estate agencies that includes 200 partners. About half of them have had unpleasant experiences with companies in Latvia. To break the stereotype and show what good service can and should be like, we have invited our partners to visit Latvia”, explains Rozenbergs.
The one-day event will start with a Baltic Sotheby`s International Realty presentation on the current state of the premium realty market in Latvia, followed by a keynote speeches by the company’s partner, the Padva un Partneri Baltija law office – devoted to non-standard situations for CIS citizens when registering a residence permit after they buying real property.
The guests will also enjoy viewings of Baltic Sotheby`s International Realty objects in Jurmala and the centre of Riga, along with a tour programme.