latvia property: seize the moment
News Posted On: 07 July 2009
The Latvian economy has fallen into the deepest recession in all of Europe. Some people see this negatively, but for the astute property investor this can mean a golden opportunity.
The history of past economic crashes tells us that, 9 times out of 10 the towns, regions and/or countries worst affected by financially tumultuous times, see the quickest and most aggressive recovery. A good example of this is the Philippines, worst affected by the Asian economic crash on the millennium and now one of Asia's most vibrant emerging economies.
The same is true of housing and property markets in such countries. Anyone looking at buying a property in Latvia in the current climate would be met with ridicule, and possibly even a mental health check-up. But those who get in on or near the bottom of the Latvian market will make a fortune on that property in the subsequent 5-10 years.
The current climate has also led to another benefit to buying property in Latvia at the moment: whereas in most emerging markets overseas buyers can only find off plan property, in Latvia, there is currently a large selection of resale properties on the international market, according to Les Calvert, director of overseas property portal Property Abroad.com.
"We have some excellent resale properties in Latvia, mostly apartments but a wide range," he said.
"We have 3 bedroom apartments for £100,000, right through to commercial opportunities at over £2million," he explained.
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