Presentation by Mr Kārlis Cerbulis, economics expert, Senior Vice President, NCH Advisors Inc. Baltic States at EP ECR group meeting in Riga, Latvia on September, 2010.
We are alive! Now what? by Kārlis CērbulisRoberts Zīle
Brilliant and professional look at the current economical situation of Latvia. Kārlis Cērbulis is one of the bright economical minds in Latvia and collegue of mine in the economist association "EA2010" Enjoy!
We are alive! Now what? by Kārlis CērbulisRoberts Zīle
Brilliant and professional look at the current economical situation of Latvia. Kārlis Cērbulis is one of the bright economical minds in Latvia and collegue of mine in the economist association "EA2010" Enjoy!
Re-building confidence in the lending market, Working Party on Land Registrat...LandRegistry
Re-building confidence in the lending market, Working Party on Land Registration UNECE 2012, London, Paul Broadhead, Head of Mortgage Policy, Building Societies Association
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Re-building confidence in the lending market, Working Party on Land Registrat...LandRegistry
Re-building confidence in the lending market, Working Party on Land Registration UNECE 2012, London, Paul Broadhead, Head of Mortgage Policy, Building Societies Association
Commercial real estate toronto, office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, office space price in toronto, office rent downtown toronto, office rent toronto, toronto offices for lease, small office space toronto, toronto recent listings, toronto office rentals, toronto office lease, cost of downtown toronto space, office lease price toronto downtown, toronto office leases, office lease prices toronto, toronto office rent, toronto loft spaces for rent, office space for rent in toronto, Toronto office real estate blog, office space for rent toronto,
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EU transport policy and situation of LatviaRoberts Zīle
Presentation by Kaspars Gerhards,
Minister of Transport and Communications
of the Republic of Latvia at EP ECR group meeting in Riga, Latvia on September, 2010.
Energy Security and Diversification of Energy SuppliesRoberts Zīle
Presentation of Anrijs Matiss
State secretary
Ministry of Transport and Communications
of the Republic of Latvia during the EP ECR group Meeting in Riga, September, 2010.
2. • PART I: Latvia – Overview
• PART II: NCH Latvia – Experience
2
3. Three Laws in Real Estate:
„Location, Location, Location.‟
Distance (km)
to Riga from:
London: 1,662
Berlin: 846
Moscow: 835
Stockholm 437
Helsinki: 360
3
4. Latvia‟s GDP (% change y-o-y)
Source: Central Statistical Bureau, SEB
4
5. Bank Loans & Inflation
25,000 16%
14%
20,000
Bank Loans 12%
Bank loans, mill. Ls
+ 533% ! Inflation 10%
15,000
Inflation
8%
6%
10,000
4%
2%
5,000
0%
- -2%
2003 2004 2005 2006 2007 2008 2009 2010-Q2
Source: Association of Latvian Commercial Banks, Central Statistical Bureau
5
6. Bank Loans & Apartment Prices
25,000 100,000
119 Series 2-room apartment (55 m2)
90,000
20,000 Apartment 80,000
price
Bank loans, mill. Ls
70,000
+269%
price, EUR
15,000 60,000
- 73%
50,000
10,000 +32% 40,000
Bank loans
+ 533% ! 30,000
5,000 20,000
10,000
- 0
2003 2004 2005 2006 2007 2008 2009 2010-Q2
Source: Associtaion of Latvian Commercial Banks, Ober-Haus
6
7. Wages and Productivity
(seasonally adjusted data, per one working hour, 2004Q1 = 100)
Nominal wages
Productivity
Source: Bank of Latvia
7
8. Share of Manufacturing in Economy (% of GDP)
Czech
Republic
Poland
Lithuania
Estonia
Latvia
Source: SEB Bank
8
9. Latvia Reacts Quickly
Current Account (% of GDP)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010-Q2
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Source: Bank of Latvia
9
10. Latvia Reacts Quickly
Retail Trade (growth % YOY)
60%
40%
20%
0%
Retail turnover
-20%
-40%
-60% Registration of
new vehicles
-80%
-100%
Source: Latvian Association of Authorized Car Dealers, Central Statistical Bureau
10
13. „Swedish Occupation I‟
Estonia and Latvia (1629 – 1700)
“Positive times, during which this period also
acquired fame as golden times.”
Wikipedia
13
15. Rankings on the Ease of Doing Business
(out of 183 countries)
2010 rank Economy
1 Singapore
2 New Zealand
3 Hong Kong
4 United States
5 UK
10 Norway
24 Estonia
25 Germany
26 Lithuania
27 Latvia
72 Poland
Source: Doing Business 2010, World Bank.
15
16. The World‟s Best Countries
(A Newsweek study of health, education, economy, and politics ranks;
out of 100 countries)
2010 rank Country
1 Finalnd
2 Switzerland
3 Sweeden
4 Australia
5 Luxemburg
12 Germany
14 UK
32 Estonia
34 Lithuania
36 Latvia
38 Bulgaria
43 United Arab Emirates
Source: Newsweek 16
17. “A crisis is a terrible thing to waste”
Latvia doesn‟t waste crisis opportunities:
Fourth crisis since re-independence in 1991;
Country stronger from each crisis
(previous crisis have been EXCELLENT buying
opportunities);
Latvia dedicated to becoming a regular Nordic / EU
economy;
International competitiveness restored with falling
wages/costs.
17
19. NCH in Latvia
14+ years;
One of the biggest US-based investors in Latvia;
Initially largest investments in company privatizations
(including „Unibanka‟ – now SEB Latvia);
Financial services (largest insurance company „Balta‟ –
sold to Codan Insurance, Denmark, 2001);
~ 80% of current portfolio in real estate
(www.Domuss.lv, www.RigaPlaza.lv);
Direct equity investments
(www.Sidrabe.com, www.GroGlass.com);
Source of farming JV partners for large-scale farming
projects in Ukraine and Kazakhstan (> 200,000 ha
cropland).
19
20. NCH Office-building Portfolio
Kungu Str. 1, Offices & Retail, Old Town, Owned
Baznicas Str. 20/22, Offices &
Basteja Str. 16, Offices & Retail, Old Town, Sold (2006)
Retail, Downtown, Owned
20
22. NCH Land Bank Example - „Dreilini‟, Riga
Description:
52 hectares in developing area at the
inner-Riga Ring road, at a large
intersection with heavy traffic flow.
15 hectares - excellent
location for a Retail
Project, 37 hectares - zoned
as residential and mixed-use.
26. Positives of Latvia and the Baltics:
Small and open economies;
Advantageous location to bridge economies of East &
West;
Adaptable, multi-lingual workforce;
Much closer than China;
Northern European country;
Quickly adjust to crisis and „learn the crisis lessons‟;
Competitiveness being restored quickly – costs falling;
Things happen fast here (we live in „dog years‟).
26
27. Investment Opportunities
Real estate;
Agriculture;
Forestry;
Transit (ports, logistics);
Back office (incl. „call centers‟);
„Stepping stone‟ offices/partnerships for Russia, Ukraine,
Belarus, ...
Export oriented industries;
Small manufacturing plants (closer than China);
...
27