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Decrease in prices for retail spaces up to 50 %

By Editor . 18.12.2008

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At the moment there are a wide variety of retail spaces in Riga, even on the main streets of the city where there had been a shortage of premises, not that long ago. Rent has decreased by up to 50% in 2008, real estate company Balsts, who has been in the market since 1992, has announced.

 The situation has changed dramatically, as at the moment it is the potential tenants who have the financial resources and are planning to change premises who will be the ones dictating the rules in the market. In other words if you have equity, this is fruit-picking time, because prices are down and supply is high. The region’s long-term growth potential remains impressive, whatever the current economic tumult.

Kristaps Jankovskis Manager of Balsts’ Commerce Department has said that “more activity both in the selling and rental sector is expected in spring 2009. Tendencies show that most of the deals taking place in the next months in the rental sector will be related to a change of premises for saving purposes.” However, some like to say that when the sky grows dark, the stars shine more brightly.