This Year, Real Estate Prices Are Expected to Continue Rising - Expert 0 6

He notes that housing prices in Latvia are still 30-40% lower than in Lithuania or Estonia, and with a stable economic situation, a logical convergence of prices with the levels in the Baltic countries can be expected. Bože predicts that this will not be a sharp jump, but a predictable direction of development that also corresponds to the income levels of the economically active population.

As one of the challenges, Bože mentions the costs of construction and bureaucracy in the planning sector. The complex and labor-intensive approval process continues to hinder both large and medium-sized projects, increasing development costs and deterring investors from investing in the Latvian market. For the development of not only projects but also the environment in which people want to live, a quality dialogue between the industry, the state, and local authorities is necessary, Bože believes.