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Property transaction in Latvia's seaside resort Jurmala down this summer

Xinhua, August 13, 2015 Adjust font size:

The number of property transactions in new residential projects developed in Latvia's seaside resort Jurmala has dropped this summer amid general sluggishness in the Latvian real estate market, BNS news agency reported citing a representative of Arco Real Estate.

Olesja Bogodistaja, head of the company's international operations, said however that transactions worth more than 250,000 euros were still being made in Jurmala and that Arco Real Estate clinched at least two such deals in the Baltic resort town each week.

Although demand among non-resident buyers for properties in Jurmala, as well as the number of transactions, has significantly decreased, Russians, Ukrainians and Kazakhs are still showing the strongest interest in new housing in Jurmala. Arco Real Estate also counts citizens of Belarus, Azerbaijan, Israel and China among its clients.

"The drop of the Russian rouble has been affecting the prices of the purchases, because for non-residents, the prices are nearly two times higher than last year when converted to euros," Bogodistaja said.

Arco Real Estate is a subsidiary of Estonia's Arco Vara Holding. Endit