Latvia

The capital city of Riga is Latvia’s largest city centre. In 2016, Riga welcomed 2.3 million visitors at Riga International, the largest airport in the Baltic States with direct flights to over 80 destinations in 30 countries. Riga is a major port city as it lies on the Gulf of Riga. Riga port is one of the largest in the Baltic region, and new port developments on Krievu Sala have increased the number of logistics and industrial companies in the port neighbourhood. 

In addition to a dynamic logistics property market, Riga is key financial centre, generating a significant part of the country’s gross national product. A number of premium offices are currently under construction in the city’s business districts, including Z-Towers and Place Eleven. Several mixed-use urban development projects are underway in the area, including Business Garden Riga, Ulmana Offices Park, Jauna Teika, New HanzaCity and Skanstes office building. As a result, office asset value could potentially increase sharply by 2018. These new large developments are expected attract international companies to Riga.**

The city’s retail and hotel industries are centralised in the historic Centra rajons district which is made up of Vecrīga (the old town) and Centrs (the modern-day business district).

In addition, like most European cities, Riga is home to an increasing number of coworking spaces for a growing population of tech and IT professionals. Riga’s tech hub has launched a number of internationally recognised start-ups and technology companies.

Whether you’re a bank, investor or occupier, our valuers can guide you in your property valuations across Latvia.

*Source: World Bank
**Source: BNPPRE Office Handbook 2017