Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Property developer freezes project

Nov 28, 2007
From wire reports

TALLINN - One of Estonia's largest property developers has suspended a project in Jurmala due to the drastic slowdown in the Latvian real estate market, according to reports.
The firm, Manutent, originally announced in February that it had signed preliminary agreements for the sale of one-tenth of apartments in a residential and recreation zone it planned to build in Jurmala, perhaps the priciest property market in all the Baltics. The first phase of the project was scheduled to be completed in late 2008.
Considering the recent changes in Latvia's economy and real estate market, however, the firm has had a change of heart.

"It would not make sense to build the apartments and then start gradually lowering their prices, because the apartment market has been practically at a standstill since summer," Manutent's owner, Mart Vooglaid, told the Postimees daily.
The firm will not quit Latvia entirely since the country offers immense opportunities, he stressed.
The combined cost of the two Latvian projects is estimated at 130 million euros, one-third of which is the cost of the high-rise and the rest of the Jurmala project, Manutent board member Reimo Raid told the Baltic News Service.
Aavo Roomussaar, a board member of Arco Vara, also admitted that new property development projects in Latvia have slowed down.
"We're currently mediating the sale of about 20 new apartment houses in Latvia and have managed to sell just one apartment since April," he said.

Alar Lagus, a member of the board of Merko Ehitus, said project delays were inevitable considering Latvia's economic situation.
 MORE NEWS
  • Problems mixed in Baltic recov...
    TALLINN- Insufficient demand has become the most overwhelming problem for Estonia&...
  • Estonians hold the most cards...
    RIGA - Among the three Baltic States, Latvia has the lowest number of payment card...
  • EP confirms Lithuanian entry i...
    VILNIUS - The European Parliament on July 16 confirmed the position of the Economi...
  • In usual tactic, Russia lashes...
    RIGA - Russia’s ban on imports of Polish vegetables will mean much toughe...
  • Eastern Europe caught in Russi...
    VILNIUS - Investors are punishing many former Soviet bloc nations for their tie...
  • Capital structures: Where do w...
    The Latvian government needs to think about how regulatory policies can be used...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.