The Latvian property market Investors were active

In 2022, there were over 20 real estate transactions in Latvia amounting to a total of EUR 250 million. Despite a slower second half of the year, the largest deal of the year was made in this period, with East Capital acquiring the Place Eleven office center from Lithuanian developer Hanner for EUR 53 million. The investment market is expected to pick up in the latter half of 2023, indicating sustained interest in the Latvian property market.

Indicators for inflation and unemployment were 17.2% and 6.9%, respectively. The Bank of Latvia predicts average CPI inflation of 10.9% in 2023 and 4.4% in 2024, which is higher than the EU average.