Riga, Latvia, 2014-04-16 07:37 CEST (GLOBE NEWSWIRE) -- At the beginning of 2014, healthy growth trends continued to prevail in the real estate market. The beginning of the year was also especially successful for real estate development and trading group Pillar, which is evidenced by achieved transaction volumes. In Q1 Pillar group concluded transactions on sale of 203 properties, which is 68% more than during the respective period last year.
The customers' activity remains high in respect of all residential property segments, and especially existing homes, where 141 property sale transactions were made in Q1. Whereas in Q1 2013 Pillar sold only 90 apartments in existing homes.
The demand for premium class housing and new projects remains high. The total number of transactions in new projects made at the beginning of the year reached 59, as well as 2 premium class apartments in Elizabetes Park House and a one plot of land in Jurmala were sold.
Among our new projects, modern apartment block Lielezeres Apartment House should be specially noted. The building was commissioned at the beginning of the year, and during Q1 there were 33 apartments sold out of 68 available in the building.
The total amount of Pillar transactions over Q1 reached EUR 10.2 million.
Assessing the achieved results, Pillar Chief Executive Officer Ieva Valtere noted: “We are glad to conclude that Latvian real estate market regained moderate healthy growth, following the crisis sustained in 2008 and 2009. Although pre-crisis levels have not been reached, which is also not desirable, the market activity grows with regard to both sellers and buyers. This evidences return of positive mood and increase of people’s paying capacity. Resumption of lending also adds to optimism. Our parent company, ABLV Bank, AS, also announced that it will continue developing mortgage lending line of business, since it is important for the bank, and thus loans will be granted not just to the bank’s long-term customers, but also to those wishing to buy properties from Pillar".
It should be also noted that Pillar continues successful development of several new projects in 2014. Apart from already mentioned Lielezeres Apartment House, at the beginning of the year Pillar completed all interior finishing works in modern apartment block Dārza Apartment House located at 32 Dārza Street in Riga. There are 54 apartments (from 1 to 5 rooms) in the house, their area being from 43 sq m to 211 sq m. Total Pillar investments in development of this project amounted to EUR 5.3 million.
Renovation is continued in premium class apartment block Miera Park House, applying modern technologies that meet high living standards. The sale of apartments is planned to be started in the first half-year in 2015. The development of the project important both for Pillar and the whole ABLV Group – financial and business centre New Hanza City – is continued.
Our renovated real estate development portfolio includes such special projects highly appreciated by customers as Elizabetes Park House, Saules Rasa, Pine Breeze, Mārtiņa Nams 2, Liesmas Apartment House, Dārza Apartment House, Lielezeres Apartment House, etc. The quality of our work is evidenced by fact that most of those have already been sold off. More information about Pillar and offered properties can be found on our home page www.pillar.lv.
Pillar Holding Company, KS, established in 2008, is owned by the largest private bank in Latvia – ABLV Bank, AS, and it includes ABLV Group companies that operate in the field of real estate development, management, and trade. Pillar holds one of the largest real estate portfolios in Latvia, which comprises apartment blocks, apartments, private houses, land, and commercial properties. In total, Pillar supervises 1000 properties worth about EUR 70 million. So far the company has invested the total of EUR 14 million in renovation of properties.
Ilmārs Jargans
Head of Public Relations Department
ABLV Bank, AS
Tel.: +371 6777 5296
e-mail: ilmars.jargans@ablv.com