CITY STAR is the brand of our real estate portfolio in Riga, capital city of Latvia. CITY STAR brand reflects its core activity – development of sustainable multi housing projects.
The developers are a branch of a holding company with over 70 years of real estate development and management in Europe.
At present moment our portfolio consists of yielding properties as well as a number of residential projects in Riga city center in different stages of development.
Company collaborates with a team of professional world-famous architects and designers combining their extensive experience in order to implement high-end real estate products.
CITY STAR has a set of high standards with regard to materials used in their projects. Only highly renowned producers with a long standing reputation of quality, proven sustainability and environment-friendly are admitted as suppliers.
We believe in affordable luxury for our clients that choose qualitative living for affordable prices.
Since Latvia was part of the former USSR and only regained its independence in 1991 it has a tremendous lack of modern housing. The first modern buildings have been erected between 2002 and 2004. Since 2004 construction took off till the crisis of 2008 where it halted for a period of 3 years. As from 2012 business is as usual and prices started climbing. The population is gaining buying power and has access to cheap mortgaged loans. Banks are willing to finance new construction and reconstructed housing preferably in the city center of Riga.
Riga is the biggest capital of all Baltic States. Latvia applies a low corporate income tax rate of 15% on capital gains which makes it a very attractive for investment.
We therefore see an opportunity to apply our knowledge and experience in development of sustainable and affordable housing.
Our strategies consist in acquiring land in strategic places in the city center and develop new modern residential buildings as well as acquire and reconstruct landmark buildings on prime locations. Once the buildings have been commissioned we rent the apartments for 5 years and more. We only sell apartments if the offered price is above market. The profit generated from the sales is reinvested consistent with our strategy.