
NĪAA: The Ministry of Environmental Protection and Regional Development's decision not to approve the new Riga spatial plan is a very negative signal to investors
The decision of the Ministry of Environmental Protection and Regional Development (MEPRD) not to approve the new Riga spatial plan will have negative consequences for investors' confidence in the successive spatial planning and development process in Riga. When planning future projects, real estate developers have taken into account that the new plan and the development opportunities included in it will come into force. Instead, the current plan remains in force - it will reduce the attractiveness of Riga in the eyes of investors, hinder the development of future projects and further widen the gap between the city and other two Baltic capitals. The industry is expressing concern regarding the prompt approval of the new plan version.
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