Twilight: Riga's Potential and Fast Processing Speed Attract Estonian Entrepreneurs and Buyers

Kaamos, a real estate developer established in Latvia, is launching its next residential project in Riga, which will result in two nearly zero-energy apartment buildings with a total of 49 apartments. The total investment for the project is 7.5 million euros. 

"Riga, together with the surrounding municipalities, is the largest attraction center in the Baltic countries – the region is home to over one million residents. From a developer's perspective, Riga's strong advantage is the speed of development-related administrative processes, which is significantly more time-efficient than in Tallinn," says Kaamos Real Estate CEO Taimo Murer.

He adds that there is no shortage in Riga's apartment market. Due to the size of the city, there is supply in the market at different price levels and the choice is greater than in Tallinn. "Somewhat lower real estate prices attract new investors as well. Banks operating in Estonia are ready to finance apartment purchases in Latvia based on collateral of real estate located in Estonia, so we see a growing trend in Estonians' interest in investing in real estate in our southern neighbors," Murer notes.

The residential project Poēzija, which will begin construction in mid-March, will be built on the left bank of the Daugava River. The creators of the Poēzija project drew inspiration from its excellent location near Māra Lake and Arkādija Park – an area where prominent Latvian poets Ojārs Vācieš and Jānis Akuraters have lived.

Poēzija is already Kaamos' sixth development project in Riga and the fourth built by Kaamos Construction. The company ensures high construction quality, architectural solutions and the use of modern technology. Interest in Poēzija homes is already significant and sales will begin soon.

To date, Kaamos has sold nearly 400 apartments on the Latvian market, and the company's portfolio also includes one commercial property – a Veho showroom. There are several properties in the development phase in Kaamos' residential development portfolio, and the company also has future plans in the commercial segment. 

Kaamos began preparations to enter the Latvian market in 2017, with the first residential project building permit issued in 2019.