The construction of cheap rental housing in Latvia could warm up not only construction service providers, but also manufacturers of building materials. Financial institution Altum has signed three new contracts for the construction of low-cost housing in Bauska, Tukums and Jelgava for a total amount of 22 million euros. The agency LETA writes about this with reference to the publication Dienas Bizness. "Currently, four projects of inexpensive houses with 314 apartments have been approved in several municipalities, where the total amount of projects exceeds 34 million euros, including financing from Altum will amount to 26.76 million euros ", said Reinis Berzins, Chairman of the Board of Altum. The company representative admits that Ventspils, Aluksne, Cesis are also interested in inexpensive houses. The first two buildings in Valmiera, built within the framework of the program, will be five-story with 120 apartments, a total living area of 7189.7 sq.m., including 87% or 6266 sq.m. of usable area. The average area of one apartment is 52 square meters, while the rent will be slightly more than five euros per square meter. All apartments will have finished interior decoration. The project is being developed by Valmieras Namsaimnieks LLC, and Monum LLC will build it. Construction is scheduled to be completed by March 31, 2026. The total cost of the project is 12.1 million euros, including the Altum loan for both buildings amounting to 11.61 million euros. “In the Valmiera region, we contribute to economic growth by developing industrial zones, which are increasingly increasing the demand for rental comfortable and energy-efficient housing . The lack of living space makes it difficult for entrepreneurs to attract the necessary labor force. At the moment, when the cost of construction is high, the state support program is assessed as a good solution to be able to offer an apartment in a new project at an affordable rent corresponding to the average salary in the region,” said the head of the municipality, Janis Baiks. New industrial parks are being developed in Valmiera, therefore, there are too few apartments for rent, the official noted.
