According to the amount of apartment transactions sold last year, the largest developers in Latvia were “Bonava Latvija”, “YIT Latvija” and “Merks”, according to the data collected by the real estate consulting company “Colliers”.
The company’s latest residential area market report concluded that “Bonava Latvija” achieved the largest sales volume of new apartments for the fourth year in a row, while “YIT Latvija” managed to achieve the largest number of apartments sold in a year.
TOP 10 of the largest developers:
The market share of the “Top 3” developers “Bonava Latvija”, “YIT Latvija” and “Merks” in 2022 is 13%, 11% and 7%, respectively, compared to 15%, 5% and 4% a year earlier. “Bonava Latvija”, “YIT Latvija” and “Merks” as well as “Kaamos” also continued to actively expand their land plot portfolios in 2022, says Agija Vērdiņa, Director of Consulting Services at “Colliers”.
“Bonava Latvija” is the largest developer – last year the company sold 266 apartments for 36 million euros.
In second place is “YIT Latvija” with 281 transactions for 31.9 million euros, and in 3rd place “Merks” with 142 transactions for 20.7 million euros.
In fourth place is “R.Evolution” with 42 transactions for 16 million euros, in 5th place – “Vastint Latvia” with 51 transactions for 11.5 million euros, and in 6th place – “Home 4 living” with 98 transactions for 10, 8 million euros.
In seventh place is “Unico” with 97 transactions for 10.2 million euros, in 8th place – “AFI Europe Latvia” with 75 transactions for 8.4 million euros, in 9th place – “Kaamos” with 71 transactions for 7.8 million euros, but the “Top 10” developer is “Interbaltija” with 62 transactions for 6.7 million euros.
Major projects in 2022:
According to the volume of transactions, the most popular new project last year was “Silva Houses” developed by “YIT Latvija”, where 115 transactions were made for 12.2 million euros. In second place is the “Bonava Latvija” project “Dreilinga majes”, in which 91 transactions were made for 12.1 million euros.
On the other hand, the “Vertikāles” project of the developer “Bonava Latvija” is in the 3rd place, in which 67 transactions were made for 10.8 million euros.
In the fourth place is the project “Mārupes nami” by the developer “Home 4 living”, in which 98 transactions were made for 10.8 million euros, and in the 5th place – the project “Deglava painters’ residence” by the developer “Unico”, in which 97 transactions were made for 10.2 millions of euros.
The developer “YIT Latvija” project “Safrans”, in which 77 transactions for 9.9 million euros were made, is in sixth place, in the 7th place – “Merks” project “Merks Duntes žiles”, in which 77 transactions were made for 9.7 million euros.
On the other hand, in 8th place is “YIT Latvija” project “Green City”, in which 82 transactions for 8.8 million euros were made, in 9th place – “AFI Europe Latvia” project “Trebū Home”, in which 75 transactions were made for 8.4 million euros, but in 10th place – “Vastint Latvia” project “Lindenholma”, in which 42 transactions were made for 8.3 million euros.
