Report on the Baltic real estate market for the 2nd quarter of 2022

In Q2 2022, investment volume in Latvia reached EUR 85 million.

Due to the ongoing war in Ukraine and high market uncertainty, the market was less active in March-April as some deals were revoked. Acquisition of SC Damme by Summus Capital was the largest deal of the quarter, followed by Lumi Capital’s acquisition of Indi Centrs (Class B Office Building).
In Q2 2022, construction of several industrial projects was completed in Riga region, including the new Orkla Biscuit and Wafer Factory (23,000 sqm), the MDL warehouse in the Airport area (8,800 sqm), the Deposit System Operator building, and stage I of the Mežlīdes stock office complex.
In Q2 2022, the Riga retail market remained active, seeing acquisition of former industrial sites close to the city centre by VPH with the goal of developing a new retail property by end of 2024. Q2 was the first full quarter after Covid-19 restrictions were lifted and several malls managed to regain 2019 footfall figures. Overall, retail market sentiment has improved with growing demand seen from both existing and new market players.

You may view full report here.