“If the commercial property sector in the Baltic countries saw larger or smaller losses and the prospects for individual segments remain vague, the residential property sector has easily withstood the challenges posed by the coronavirus pandemic and has even strengthened its position in some places. First of all, the residential property sector in Lithuania and Estonia has proven to be very solid and set an all-time record in 2020,” writes Tarmo Kase, CEO of Ober-Haus Real Estate Advisors, in the freshly published Ober-Haus Real Estate Market Report 2021.
“Even though the Baltic countries experienced an economic downturn in 2020, the recession in Lithuania, Latvia and Estonia was among the lowest compared to other EU countries. The advantage of the Baltic countries in the current pandemic has been their comparatively minor dependence on international tourism, which accounts for only a very small part of the economy,” explains Kase.
Legal notes by Sorainen
The annual real estate market report gives an overview of the office, commercial, storage and residential premises markets, as well as of land plots in Vilnius, Riga and Tallinn. The overview also includes information related to taxes, provided by PricewaterhouseCoopers, the auditing, accounting and consulting company, while the part containing legal information was prepared by Sorainen.
The legal notes in the report were drawn up by our international Real Estate & Construction team: senior associate Mirjam Vichmann, associate Andra Grünberg, and legal assistant Anu Liinsoo from our Estonian office; senior associate Andris Vilisons and legal assistant Katrīna Bičevska from our Latvian office; and partner Kęstutis Adamonis, associate Lukas Vaišvila, and associate Gabrielė Raižytė from our Lithuanian office.