Retail development offers retail spaces, which can be cyclical and involve multiple stages. Retail development which comes under the category of commercial real estate development can include new stores, shopping centers, or other retail spaces.
Retail development significantly contributes to the generation of tax revenue for the government. Through sales taxes, property taxes, and other levies, the retail sector becomes a reliable source of revenue for public services such as healthcare, education, and supports the overall infrastructure development market.
Investing in real estate in Latvia.
Real estate development in Latvia is a growing sector, driven by both local and international investors.
Latvia, being a member of the European Union and having access to a skilled workforce, offers several opportunities for developers.
Riga is the capital and the largest city, where most of the real estate development activities occur. It is the economic, cultural, and political center of the country.
The demand for residential, commercial, and industrial properties is primarily driven by the growing middle class, foreign investment, and tourism.
Other Cities: There’s also a market for development in cities like Jurmala (a resort town near Riga), Daugavpils, and Liepaja, where the economy is diversifying.
There is foreign interest from investors from the EU, Russia, and Scandinavia, primarily in the residential, commercial, and tourism sectors. The Latvian government has also implemented various programs to attract foreign investors, including the Golden Visa Program, offering residency in exchange for property investments.
Real estate development in Latvia offers promising opportunities, particularly in the residential and commercial sectors. Riga stands out as the prime location for investments, but there are also emerging opportunities in secondary cities and regions that could offer strong returns.
