Riga has long been among the largest metropolises in the Northern Europe, with its population exceeding 1 million within the metropolitan area. Geographically it is perfectly located right on the boarder of Europe Union and CIS, making it a strategic hub for international businesses. Riga offers the best connectivity in the region, having the largest airport and most direct flights in the Baltics, as well as one of the largest cargo and passenger ports.
Riga is a part of the global Rail Baltica project with the goal to integrate the Baltic States into the European rail network.
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The project includes five EU countries – Poland, Lithuania, Latvia, Estonia and indirectly also Finland and will ultimately link Helsinki, Tallinn, Pärnu, Riga, Panevežys, Kaunas, Vilnius, Warsaw into one fast and modern railway connection. Riga is also the largest education hub in the country, having 80% of all students in Latvia concentrated in Riga, thus fostering innovations and sustainable development within the urban environment.
Due to the location and access, global companies are establishing HQ’s for their Baltics operations in Riga and positively affecting the development of the real estate market in the result. However, considering the city, size and development history, there is still a lot of potential for growth, especially within the commercial real estate as the neighboring cities of similar size and population (e.g. Stockholm or Helsinki) have developed considerably more real estate already. The market in Riga is mostly dominated by local, Scandinavian investors and developers, but other institutional capital is also present (for example Blackstone, or W.P. Carey).
Within the last couple of years, Riga has solidified itself as a great investment destination and significantly improved its investment environment. To reach even more ambitious goals in economic development and global recognition, on the 1st of April 2021 the Investment and tourism agency of Riga (henceforward – LIVE RIGA) was established. The main goal of LIVE RIGA is to ensure sustainable and transparent investment and tourism promotion globally by serving as the single point of contact for any external interested parties, including investors, companies, tourists and residents alike; to provide information, solve bottlenecks and ensure a thriving and sustainable environment for business development, thereby supporting the existing investment projects as well as attracting new ones, boosting tourism development and international recognition of Riga. In a time of modern challenges, LIVE RIGA is a brave step towards new types of open and creative relationships between citizens, businesses and tourists.
“We are looking forward to having an open dialogue with investors, associations, companies and chambers of commerce because external parties are the most competent at pointing out the flaws in public procedures. It’s vital for continuous improvement and uninterrupted work towards developing the city of Riga. We are here to welcome new companies, investors and tourists to our city and to serve you to the best of our ability.” - Rolands Bogdanovs, Managing Directors of LIVE RIGA.
LIVE RĪGA mission is to turn Riga into an internationally renowned Northern European metropolis and an attractive investment and tourism destination. It is and will be a reliable, responsive and result-oriented partner for investors, entrepreneurs and associations to help solving problems related to municipal services.
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