The Largest Baltic Real Estate Firms to Jointly Offer Valuation Services in Three Countries
Estonia's largest real estate bureau Uus Maa has concluded a cooperation agreement with Latvia and Lithuania's leading real estate firms Latio and Inreal, according to which they will henceforth share market information with each other and jointly assess Baltic-wide real estate projects.
According to Argo Pillesson, head of the valuation department at Uus Maa consisting of 30 professional valuers, both large international companies and sometimes private investors need strategic overviews of neighboring countries' real estate markets or specific valuation services, but until now the quality of services offered has varied across countries.
„Each market is different enough that it needs to be valued by a local team of experts. A couple of international brands have branch offices in the Baltic states, but our cooperation differs primarily in that three leading real estate firms in their own countries came together," said Pillesson.
„Valuers gather their information not only by comparing transactions completed, but also from the so-called field – by communicating with analysts and brokers. From large volumes comes analytical capability that you cannot obtain just by sitting in an office and reading Excel," said Pillesson.
„It is not typical in the sector for three completely separate real estate firms to start providing services across the Baltic states, but the situation demanded it. Information flows to the three firms from approximately five hundred real estate specialists, including about a hundred valuers in both residential and commercial real estate. Cooperation in valuation will allow us to offer unified quality, fast and smooth service in three countries going forward. In addition to valuation services, cooperation also includes brokerage, consulting and preparation of detailed analyses for both commercial and private clients," added Pillesson.
„The analysts of the three major real estate firms Uus Maa, Latio and Inreal will, in addition to sharing market information with each other, also periodically prepare public Baltic real estate market analyses," added Pillesson
