Over the past few years, real estate activities, especially in the rental and operating of own or leased real estate market have witnessed a rise in Latvia, owing to the low rental costs for apartments, which at 862 U.S. dollars per month are amongst the least in Europe. The office real estate market is also going strong, with eight new office projects completed in Riga in 2019 and six more scheduled for the financial year 2020-2021.This has augured well for the real estate agencies and related services, with revenues projected to increase from 308 million U.S. dollars in 2011 to 375 million U.S. dollars by 2020. The Ober-Haus Real Estate Advisors is one of the largest real estate agency operating not only in Latvia, but across the Baltic region.
However, the agencies are set to face stiff competition in the short to medium term, with the growth in various desktop and mobile apps that enable buyers to connect directly. This is one of the main reasons the market is falling in countries such as Italy and Poland.
Industry revenue of »management of real estate on a fee or contract basis« in Latvia from 2011 to 2023
(in million U.S. Dollars)
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Revenue in million U.S. Dollars
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* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.
Currency conversion factor: (EUR -> USD) = 1.186
The industry classification is based on the NACE Rev.2 - system in Latvia. The industry “management of real estate on a fee or contract basis“ has the code “L6832“.
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Eurostat. (April 1, 2019). Industry revenue of »management of real estate on a fee or contract basis« in Latvia from 2011 to 2023 (in million U.S. Dollars) [Graph]. In Statista. Retrieved June 30, 2022, from https://www.statista.com/forecasts/393724/management-of-real-estate-on-a-fee-or-contract-basis-revenue-in-latvia
Eurostat. "Industry revenue of »management of real estate on a fee or contract basis« in Latvia from 2011 to 2023 (in million U.S. Dollars)." Chart. April 1, 2019. Statista. Accessed June 30, 2022. https://www.statista.com/forecasts/393724/management-of-real-estate-on-a-fee-or-contract-basis-revenue-in-latvia
Eurostat. (2019). Industry revenue of »management of real estate on a fee or contract basis« in Latvia from 2011 to 2023 (in million U.S. Dollars). Statista. Statista Inc.. Accessed: June 30, 2022. https://www.statista.com/forecasts/393724/management-of-real-estate-on-a-fee-or-contract-basis-revenue-in-latvia
Eurostat. "Industry Revenue of »management of Real Estate on a Fee or Contract Basis« in Latvia from 2011 to 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 1 Apr 2019, https://www.statista.com/forecasts/393724/management-of-real-estate-on-a-fee-or-contract-basis-revenue-in-latvia
Eurostat, Industry revenue of »management of real estate on a fee or contract basis« in Latvia from 2011 to 2023 (in million U.S. Dollars) Statista, https://www.statista.com/forecasts/393724/management-of-real-estate-on-a-fee-or-contract-basis-revenue-in-latvia (last visited June 30, 2022)
