TALLINN, March 21 (LETA--BNS) - Estonian real estate developer Kaamos, which has also established itself in Latvia, is starting its next residential project in Riga, which will involve two nearly zero-energy apartment buildings with a total of 49 apartments.

The total investment in the project is 7.5 million euros, the company said.

"Riga, together with the surrounding municipalities, is the largest hub in the Baltics -- over a million residents live in the region. From a developer's point of view, a strong advantage in Riga is the speed of development-related processes there, which is significantly more time-efficient than in Tallinn," Taimo Murer, CEO of Kaamos Kinnisvara, said.

He added that there does not appear to be a shortage in the Riga apartment market. Due to the size of the city, there is a wide range of prices on offer and a wider selection than in Tallinn.

"Slightly lower real estate prices are also attracting new investors. Banks operating in Estonia are ready to finance purchases in Latvia using real estate located in Estonia as collateral, so we are seeing a growing trend of Estonians' interest in investing in the real estate of their southern neighbors," Murer said.

The Poēzija residential project, the construction of which will start in mid-March, will be built on the left bank of the Daugava River. Poēzija is the sixth Kaamos development project in Riga and the fourth to be built by Kaamos Construction. The company guarantees high construction quality, architectural solutions and the use of modern technology. Interest in Poēzija homes is already high and sales will begin soon.

Kaamos has sold nearly 400 apartments on the Latvian market to date, and the company's portfolio also includes one commercial property -- the Veho dealership. Kaamos' residential development portfolio includes several properties that are still in the development phase, and the company also has future plans in the commercial segment.

Kaamos began preparations to enter the Latvian market in 2017, the first construction permit for a residential project was issued in 2019.

Established in 2002, Kaamos Group is a company based on Estonian capital, which deals with real estate development, construction, green energy and investments in startups. In the real estate sector, Kaamos Group has built and manages 80,000 square meters of rental space, including 55,000 square meters of office space and a 25,000 square meter Depo store in Tallinn. The group's companies operate in Estonia and Latvia. At the end of 2023, the group's assets amounted to 258.7 million euros and equity to 136.9 million euros. Kaamos Group employs more than 100 people.