International RE consulting company Newsec strengthens its team of appraisers in Latvia and begins providing a residential property appraisal service. The Newsec team was joined by property appraiser Kaspars Dzedulis who has many years of experience as an executive in the RE sector. Currently, the Latvian team of appraisers comprise 6 professionals. The property appraisal service is provided under collaboration agreements with banks and is offered to private persons, financial and state institutions.
“We have noticed a rising demand for RE appraisal services in the Latvian RE market. Despite the fact that the number of residential property transactions in Latvia increase every year, home prices in this country remain lower than in other Baltic states. That is why Latvian residential RE sector has the biggest potential in the region. Having taken this into account, we have decided to expand our experience in evaluating investment and commercial property and businesses in the Baltic states by adding residential RE appraisal in Latvia,” says Girts Grinbergs, General Manager of Newsec Latvia.
Newsec appraisal reports are recognised by banks and other financial institutions, which is why the property appraisal service will be most relevant to those who are buying a home with a loan that requires professional evaluation of the acquired property. For private individuals, property appraisal is one of the key factors both when buying and when selling property.
The property appraisal service will also be provided to notaries in inheritance cases, in court cases where property is shared by co-owners, also to state institutions for making RE transactions, and to bailiffs when taking over residential RE or land from legal entities or private individuals under the process established by law.
Newsec has been providing RE appraisal services in the Baltic region for over 15 years. In 2018, the company carried out 2000 property appraisals worth 2.8 billion euros. The property appraisal team in the Baltic states comprise 19 real property, movable property and business appraisers, including experts working according to the globally recognised RICS standards.