latvia property market has bottomed apparently
News Posted On: 31 May 2010
According to experts the Latvian property market has bottomed and recovery is on the way. That exact statement was made in an article on globalpropertyguide.com, which covered the site's global house price index for Q1 2010.
However, the data featured in their index for Latvia is clearly market as being based on data in the capital Riga only. On top of that it is only a 1 quarter turnaround at the minute and so, surely it is too early to be breaking out the champagne.
According to the index, Latvian property (residential) prices were down 37% in the first quarter of this year compared to last year, which is an improvement on the 43% year-on-year drop recorded in the first quarter of last year, but still sufficient to keep Latvia at the wrong end of the global table. The positivity was based on that, and the fact that prices were up 10% on a quarterly basis in Q1.
That is surely a turnaround, but it is only a turnaround and -- as far as we know -- it is only in the capital Riga.
It would seem strange that we would not report positively on the market, being an overseas property portal, but in our eyes the price decline in Latvia is only serving to make it an even hotter investment prospect. Prices have now fallen around 50% and the country is in recession, but recessions don't last forever, and Latvia is an eastern European emerging market capable of impressive growth. Therefore the more prices fall, the cheaper you can buy property for, and the more it will grow in value as the economy recovers.
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