Hoffmann Rezidence, renovated for 10 million euros, complements the premium segment in Riga

By investing 10 million euros, the real estate investment company VILIA reconstructed the house of Latvian architect Vilhelm Hofmans in Klīversāl, Kuģu Street, creating a residential building with 60 apartments.

20th century 50 one- to four-room apartments are available in the Neo-Renaissance style house built at the beginning. On the fifth floor of the building, seven spacious upstairs apartments or penthouse apartments will be built, as well as three converted attic apartments or lofts. Currently, two sample or demo apartments are also available in the building, which, subject to the epidemiological safety regulations, can also be viewed in person. “Although the premium class apartment market in Riga is stable, recently there has been a growing trend that buyers increasingly value high-quality finishes and buy premium apartments. Statistical data show that, comparing the data of the first half of 2021 with the corresponding period in 2020, the premium apartment segment in Riga has grown by 33%, with the average price of a premium apartment reaching 242,000 euros. It is also interesting that for premium apartments in the price category between 300,000 and 500,000 euros, the volume of transactions in the first half of 2021 has even doubled compared to the corresponding period last year,” says Edgars Ivanovs, manager and co-founder of “VILIA”. The “Hoffmann Rezidence” project was launched in September 2019. The renovation of the facade was completed in autumn 2021, interior works are currently being carried out. Construction works will be completed in 2022.

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