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Latvian property scheme to attract investment


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A new initiative in Latvia could encourage more foreign investment in the Baltic region.

BBC News reports that the controversial scheme allows real estate investors to also claim European Union residency if they decide to buy Latvia-based property.

Property owner Kristaps Kristopans explained that the scheme is playing a vital role in boosting the country's property market since it was introduced in July.

"In essence the whole initiative restarted the real estate market in Latvia," said Mr Kristopans.

He added: "One year ago it was completely dead. No transactions. Nothing. And now a lot has changed. Sales are picking up nicely."

So far, around 50 per cent of buyers have taken up the offer of European Union residency which applies to property sales of at least 70,000 euros.

The Baltic News Service recently reported that Latvia's prime minister is expecting the country's GDP to increase by three per cent in 2011.

This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists.

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