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Baltic Property Market Report for Q1 2009 now available
LAWIN in collaboration with PricewaterhouseCoopers (leading audit and business consulting firm) and Re&Solution (international real estate and finance consulting company) has completed a study of development and forecasts of the real estate markets of the Baltic countries - Baltic Property Market Report Q1 2009 . The study was conducted in Estonia, Latvia and Lithuania and provides an excellent opportunity to take a consolidated look at the latest developments of the commercial real estate market in the Baltics, as well as on the most important legal and tax aspects regarding real estate in each country. The global financial crisis and the macroeconomic downturn have caused significant changes in the Baltic property market in 2008. Weakening domestic demand and lower consumer confidence resulted in a slowdown in economic activity, less demand for rental space and the downsizing of enterprises. All property market sectors evidenced a slowdown of development activity, as well as declining number of transactions. On the other hand, facing financial challenges local developers began to try to dispose their assets, thus, creating a remarkable supply of new institutional investment products, many of which were attractive prime properties. Although the year 2009 is expected to be challenging for both property developers and potential investors, the long-term potential of the region remains strong. Recovery of both capital markets and real economy is very much awaited and should restore life in the property market. To download the full report for 2009 Q1, please click here .
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