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Nostalgic for the Housing Boom? Move to Latvia

Posted by: Peter Coy on August 7, 2007

Latvia seems to be the new Las Vegas, except without the gambling and the neon, and with lots more people who play hockey and speak Latvian. Latvia1.jpg
Exceeding even the Vegas of not too long ago, the Baltic nation is going through a major housing boom. Prices rose almost 62% in the first quarter of 2007 from a year earlier. Latvia outdid neighboring Lithuania, where prices rose 26%.
Of course, these kinds of booms tend to end badly, so maybe moving to Latvia right now would not be the very best idea (unless you happen to be married to a Latvian). Here’s the whole list of countries, courtesy of Global Property Guide….

globalprices.bmp

Reader Comments

Helmut

August 20, 2007 7:39 AM

wow, our country sure is in "deep" trouble, lot of experts smell the big bang coming too..
but anyway, it's still the right time to buy land, not apartments!

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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