Mārtiņš Vanags becomes Chairman of the Board of NNĪAA

Mārtiņš Vanags, who has been involved in real estate for several years, has now become the new Chairman of the Board of the National Real Estate Development Alliance (NNĪAA). The new leadership will bring changes with the aim of raising the competitiveness of Latvia’s real estate sector and attracting new investments.

Vanags has highlighted raising the competitiveness of Latvia’s real estate sector as the main priority issue, which the Alliance plans to address. “If we look at international indicators, it is evident that, in terms of real estate development, Latvia is lagging far behind other countries, even though this is one of the most important sectors for the Latvian economy. Being aware of the potential held by the sector, the state needs to create a business environment that promotes investments in new projects. New real estate means new factories, offices, homes, hotels and commercial premises that create investments and jobs both during construction, as well as afterwards – during the actual use of the premises,” Mārtiņš Vanags explains.
One of the reasons why in competition with neighbouring countries Latvia is losing tens of millions in investments every year is over-bureaucratisation of the construction and territorial planning process, therefore addressing this issue is a priority for NNĪAA. For example, in Lithuania in 2016 and 2017 approximately 150 000 square meters of new office space will be put into commission, whereas in Latvia – it is only 40 000 m2. In Latvia, EUR 150 million were invested in new residential buildings, in 2015 – EUR 125 million, but in 2016 total investments will likely have fallen to EUR 100 million.
Taking active involvement, the Alliance aims to soon improve the competiveness in the Baltic State context of Latvia’s real estate sector regulations and increase overall annual investments in the sector. Vanags stresses – in order to achieve these objectives, the sector has to work in close cooperation with state and municipal institutions, especially the Ministry of Economics, the Ministry of Environmental Protection and Regional Development, and the Riga City Council.
Alongside chairing the Alliance, Mārtiņš Vanags is also Chairman of the Board at the Skanste Development Agency. Previously he has worked in various sectors and held managerial positions in both the public and private sector. From 2011 until 2014 Vanags was an advisor at the Ministry of Economics and Swedbank, from 2004 until 2010 he was advisor to the Minister for Culture and the Minister for Foreign Affairs. He has studied at the University of Latvia and Chicago University (USA).
NNĪAA was founded in 2015 with the aim to represent the interests of the sector at national and local level, promote sustainable development of the sector and improve its regulation.
NNĪAA was founded by the leading industry players: AFI Europe Latvia, Domuss, Hanner, Merks, Modern City, Bonava Latvija, Ordo Group, Pillar Management Rotermann Latvia, Saliena, Towers Construction Management and YIT Celtniecība. The total investments in the real estate sector in Latvia by the members of the Alliance reach EUR 1.5 billion. So far, 79 new projects totalling almost 1 million square meters have been developed.

Additional information:
Zane Ieviņa
P.R.A.E. Public Relations
Tel.:+371 202 837 64
E-mail: zane.ievina@prae.lv