Latvia Property Investment For Sale
"An exciting and top performing European gateway."
The Republic of Latvia is one of the “Baltic Tiger” states, along with Lithuania and Estonia which grew at break neck speed after gaining independence from Soviet rule in the 1990’s. A member of the EU and World Trade Organisation, Latvia like the other Baltic States witnessed one the most spectacular growths in its real estate markets at the beginning of the millennium followed by one of the most dramatic crashes.
Latvia has a rich and vibrant history with strong German and Russian influences and with almost half of its landmass covered with woodland and forests, a large timber and wood-processing industry. The country is also home to numerous lakes and rivers and due to its position on the Baltic Sea has highly-developed transit services as well as strong agriculture and food production, machinery and electronics industries.
As a result of one of the biggest rises in property prices ever seen – 700% between 2000 and 2007 and rapid inflation, when the housing bubble burst Latvia’s whole economy shrank by 25%, making it the deepest depression recorded worldwide at the time. With a surge in unemployment and the economy on the verge of collapse the government introduced rigid austerity measures and as a result the economy has now recovered once again and house prices have stabilised.