Russian recession impacting Latvian real estate market

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The economic situation in Russia has had negative effects on the real estate markets in Latvia and Lithuania but life goes on, Tom Sandvik, Senior Vice President and the Head of the Central and Eastern Europe business division at the Finnish construction company YIT, said in an interview Friday with the BNS news service.

"Of course, the economic sanctions have caused some trouble for your export industry but at the same time it is also a possibility for the country and for the industry to renew itself.

"I know that quite a few companies have found new clients in other countries. In a way this is a possibility not to be dependent on one country,” he said.  

"But at least temporarily it has had an impact on the economy and the mindset of people,” Sadvik said.

"When the situation in Ukraine is in the media every day, it creates worry in people’s minds and, of course, influences their eagerness to invest.”

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