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Baltic States Returning to Growth

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the Financial Times  Latvia  Estonia  Lithuania  Newsec Baltics  Baltic states 

By - Tuesday 01 March 2011

Stabilising economies in the Baltic states are contributing to the start of the regions real estate recovery, it has been noted.

According to an article in the Financial Times (FT), investors have been a "disaster area" since the property bubble burst back in 2008. However, after seeing their economies contract by between 14 and 18 per cent back in 2009, the Baltic trio stabilised last year and now returned to growth.

Indeed, all three Baltic nations surpassed expectations for growth in the fourth quarter of 2010, with annual rates varying from 3.7 per cent in Latvia to 6.6 per cent in Estonia.

The news provider noted that, when viewed from a long-term perspective, the states of Lithuania, Latvia and Estonia remain a powerful testament to the "transformative power of capitalism even after the setbacks of the past three years".

''There is relief that the market has bottomed out,'' Ricardas Cepas, chief executive of property consultancy Newsec Baltics, told the FT. ''We are starting to see vacancy rates decline, which should help bring back confidence.''

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