
In Riga on Krišjana Valdemāra Street, 38 modern premises for co-living with young people from all the world, or coliving (from English. coliving – “co-living”). The complex will be called Youston, reports the Latvian branch of Bigbank, which has invested 5.3 million euros in financing this project.The project will be implemented by real estate developer KAITA Group, which has already built similar complexes in Prague and Vilnius, and another one is constructing in the center of London. In together the company has invested
in Youston 95 million euros. The building will have and individual apartments, and rooms for community use, such as a gym gym, sauna, meditation rooms, cinema, reading room, general dining
room and corking rooms. And the most attractive aspect is the international community – in some of the already realized Youston projects are living and
spending time with people from twenty different countries. The new building for 174 apartments in Center
Riga is scheduled to open in the mid-2025 year. “Co-living, or coliving, is possibly associated with dormitories, but it is a much more developed concept. based on the principles of the economy of shared consumption that resources are used more efficiently, with less need for private premises that are not used actively on a daily basis. The goal of the concept is to improve the quality of life, by offering common residential premises that encourage socialization and create a sense of
community with people from all the world.” – says says the head of corporate deals of the Latvian branch of Bigbank Marek Grodskis.Executive director KAITA KAITA Group Ugnius Latvis notes, that the combination
of personal space and public environment is increasingly popular and demanded lifestyle among youth and students, including in the Baltic countries. “We see the rapid growth of the popularity of shared accommodation in western countries, and now this trend is gaining momentum in Lithuania
and the neighboring states. The Youston expansion is driven by the success of similar rental projects in Vilnius and Prague, as well as the growth of demand, ” Latvis adds. According to data about the realized KAITA Group projects, More than half of the residents of Youston homes in Vilnius are foreigners as students from
18 to 25 years-old, as and working people in age from 26 to 35 years. The latter more often choose the Youston Apartments project in the Vilnius neighborhood Naujamestis. “In Western Europe, housing projects have become an alternative to rapidly increasing price for housing, especially in the center of cities. This is a way to make an
attractive place to live affordable for young and more mature people. “This format is suitable and for the so called digital nomads – high level professionals who frequently change place of residence,” Grodskis notes. According to data from the report of the consulting real estate agency Knight Frank for 2024 year, In
London and other cities in the Britain the number of buildings for cohabitation is growing at a high rate. It is predicted that in 2025 the year when compared to 2022 the year the number in the capital of the Britain will increase almost threefold.and will reach 20,000,000. Latvis is sure that the popularity of solutions for cohabitation in the future will only increase: “It used to be that owning real estate
was considered a symbol of financial success, but today more more younger people are, especially the Generation Z, are choosing a lifestyle focused on experience, mobility and community. They value freedom and economics of shared consumption more than the obligations of purchasing housing.” According to statistical data, in Europe and the United States the number of families with children is decreasing, while
the number of single people is increasing, especially in large cities. In the UK, for example, more than 70 percent of the residents of such complexes are people in the age of 26 to 40 years, who often live alone. Shared living not only reduces the feeling of loneliness, but also creates an attractive social environment. “With the growth of the role of technology and the increasing number of people working remotely
orasfreelancers,flexibilityisbecominganimportantaspectoflife.Focusedonformingcommunitiesprojectsoftenoffer anall-inclusivemodel,whichprovidesnot onlylivingspace,butsolutionsforworkingwithinthemselves.Thisisespeciallyattractivetofreelancers,forwhoneedtohaveaconvenientworkplace,accesstotheInternetandtofeelasapart ofthecommunity,”Latvis notes.