Market Trends of Latvia Facility Management Industry
This section covers the major market trends shaping the Latvia Facility Management Market according to our research experts:
Real Estate to hold significant share in the market
- The residential facilities management market in Latvia grows significantly with consolidated players in the market such as Civinity Mājas, Rigas namu apsaimniekotajs, AS, Rīgas namu pārvaldnieks, SIA, and others.
- In March 2021, The BTA Baltic Insurance Company acquired a substantial residential portfolio in Riga from the Rentejas real estate private equity group (properties at 121 Ertrdes Street, 13 Alauksta Street, and 35 Artilrijas Street). This is Latvia's largest-ever multi-family residential portfolio transaction.
- In Latvia, the residential market sees a lot of growth in enterprises. For instance, in Jan 2022, HAGBERG, a property management company, announced that the multi-apartment residential category would see a 50 percent growth in new consumers in 2021.
Understand The Key Trends Shaping This Market
Download Sample
Telecommunication and High-Speed Data Transmission Network is Expected to Witness Significant Growth.
- The government of Latvia aims to provide all inhabitants, state and local government institutions, businesses, and socio-economic driving forces with equal and high-quality electronic communications services across the country. In urban and rural areas, speeds of at least 100 Mbps, upgradeable to gigabit, are planned, and 5G coverage in all significant cities creates more projects for the FM organizations.
- The Electronic Communications Sector Development Plan for 2021-2027 and the Digital Transformation Guidelines for 2021-2027 were approved for Latvia by the European Commission in 2021. Technology provided by the Facility Management companies supports the actual management of the buildings and facilities in smart cities and helps connect administrations and services to execute each project successfully.
- The Internet's growth in Latvia has increased computer and network security demand. This industry will expand, especially as online banking becomes more prevalent. Implementation of Internet systems and networks, education and training, support services, software development and re-design, enterprise resource planning services, execution of Internet B2B software, development of payment card systems, adaptation of foreign software, development of electronic communications, and development of call centers are some of the other areas develop business prospects for facilities management firms.
- The Digital Accelerator of Latvia (DAoL) filed a project application for the Digital Europe (DEP) program's request for an Initial Network of European Digital Innovation Hubs (EDIHs) in February 2022. The long-term goals of DAoL include promoting digital transformation and innovation, improving Latvian firms' competitiveness and the quality of public services through new digital solutions, and increasing investments in ICT research and development.
