Jānis Vanags

The Comparative Analysis of Real Estate Market Development Tendencies in the Baltic States

Abstract The development of the real estate market contributes to the development of the national economy, thus creating a favourable investment climate for the investors. Increase in the level of the incomes of the inhabitants may increase the availability of housing in the country by fiscal and monetary policy instruments. The topicality of the paper is related to the need for analysis of the trends and prospects of the real estate market development of the Baltic States, as it has a high social meaning and has a high importance for market participants. The objective of the research is to analyse influencing factors and tendencies of real estate market development in Baltic States, and includes a comparative analysis of the residential property market in the Baltic States is conducted. The research methods used in the paper are statistical data analysis, historical and logical approach methods. The article focuses mainly on the housing market. It was concluded in the study that under the similar geographic and economic conditions in the Baltic States, the housing affordability index and real estate market development tendencies have many differences and success indicators are still varying.

Limiting the Program of Temporary Residence Permits for Foreigners Based on Real Property Investment in Latvia

Abstract There exists sharp competition amongst nations regarding the increasing foreign investments; therefore, nations are willing to offer foreign investors and their families some type of political bonus, such as temporary residence permit, permanent residence permit, or even citizenship. The simplest way to entice investors is to offer them and their family members temporary residence permits in exchange for investments - simply by purchasing real property (via the so-called “Golden Visa” program). Such a program was launched in Latvia in 2010; however, significant limitations were placed on it in 2014. This research (1) compares the “Golden Visa” programs in different countries in the world, (2) determines the impact of the program on the real property market of Latvia, and (3) searches for the main reason why limitations were applied to the temporary residence permit program in 2014, which resulted in a significant decrease in the international investments in Latvia (this part of the paper is based on the results of the following research: Viesturs, J., Auziņš, A., & Štaube, T. (2017). Arguments Used for Restricting International Real Property Transactions: Case Study of Latvia).

Environmental Aspects of the Construction Industry Development in Latvia

Abstract The importance of environmental aspects in construction is growing during the time. The aim of the research is to analyze environmental aspects of construction industry development and related regulations in Latvia, including the last green building certification development tendencies. The analysis, historical, document review and logical access methods have been used in the research. The article also includes overview of the international experience. The results of research show growing importance of environmental aspects in construction process and the necessity for market participants and industry development to consider them.

Housing Heterogeneity Dimensions and Their Elements: a Systemic Approach

Abstract Housing market participants constantly face the housing heterogeneity - the technical and socio-economic differences of dwellings in a certain populated area. Housing heterogeneity often complicates the managerial decision making related to housing transactions, identification and objective evaluation of the quantitative and qualitative aspects of transactions. Housing heterogeneity is an objective phenomenon that implies housing uniqueness - housing distinguishing characteristics divided into specific and interconnected groups within the framework of the research. Most of these differences can be noticed by each market participant, but some of them can be identified only by experienced and professionally trained market participants. Theory and practice have demonstrated that the constituent groups of heterogeneity influence each other and take part in the formation of market value and transaction price of housing units. The increased housing construction intensity, the continuous modernisation of construction technologies and the diversification of building materials used in housing construction, as well as restriction of the building plot of land change the quantitative and qualitative aspects of heterogeneity dimensions. This poses considerable challenges to market participants in the managerial decision making process related to housing transactions. Research results demonstrate that the socio-economic elements of housing heterogeneity are constantly changing under the influence of the dominating factors of the external and internal environment. Therefore, nowadays, housing heterogeneity has become a major cause of information asymmetry, which means that heterogeneity is inherent in the formation of socio-economic market barriers in the housing market.

Revitalization and Development of the Green Real Estate of Riga City

The general purpose of the scientific paper is to reflect the basic research results in the area of the management of the green real estate of Riga City. The interpretation of the term “green real estate” includes parks, gardens, squares, alleys and other green urban open space. Scientific research discussed within the framework of the paper has an observational case study design. The main results of the research are related to the study of the management process of the revitalization and development of parks and open spaces in the City of Riga. Based on the research results, conclusions and elaborations received within the study, recommendations for the improvement of the management of green space of Riga City are developed.