Construction of buildings
The economy of Latvia is a free market economy, it is regulated by appropriate laws, protecting commercial rights, trademarks and investments;<br style="color: rgb(51, 51, 51); font-family: sans-serif, Arial, Verdana, "Trebuchet MS"; font-size: 13px; background-color: rgb(255, 255, 255);" />The requirements of the European Union are included in laws of Latvia;
There are 448 information technology (IT) and computer technology companies with annual turnover of over EUR 145,000, their total turnover exceeds EUR 1.389 billion, profit – EUR 119 million, and they employ a total of 10,000 people. IT and software development companies make up 54% of this sector (357 companies with a total turnover of EUR 755 million), computer hardware dealers - 46% (91 companies, EUR 633 million).
In the first ten months of 2016, the number of transactions on the Baltic real estate market rose by 6% against the respective period a year before. Given the acquisition and merger (A&M) trends in the Baltics over the past three years, the year of 2016 was closed with a comparatively high number of M&A transactions on the whole, the authors of Prudentia M&A Folio report have concluded.
- In regards to the proportion of the sector’s overall turnover, 46% of overall turnover is made up of construction and finishing work, 24% is made up of the sale of construction materials, 17% construction of roads and bridges, 8.6% manufacturing of construction materials, and 5.5% architectural and design services.
After three years of decline, stable growth was observed in the industry at the end of 2011 and at the beginning of 2012.
Estonia’s property market that crash-landed in 2008 along with the worldwide credit crunch after becoming overheated in 2005–2007, showed first signs of recovery in 2011.
Even though the real estate market has not recovered from when the bubble burst, there have been some positive signs over the past year. Most of the talk about the real estate market is about stabilization, with stagnation mentioned less often.
The construction industry in Latvia has experienced a very rapid decline over the past two years. Although it has been said that there are signs of stabilization in the construction market, statistical data speaks against this.