The Latvian real estate sector punches above its weight / Article

It is worth noting that the data comes from 2021 – before the economic collapse caused by Russia’s disgusting invasion of Ukraine.

In 2021, 1.5 million companies in the EU had their core business in the real estate sector, representing 4.8% of all companies active in the EU business economy. This meant an increase of 11% compared to 2020 (1.3 million enterprises).

In 2021, 2.7 million people worked in the real estate sector, representing 1.7% of total employment in the corporate economy. The sector contributed €267.5 billion in added value, representing 2.8% of the added value generated by the EU business economy. Moreover, in 2021, the sector recorded a net turnover of EUR 521.5 billion.

Latvia is among the EU countries with the highest share of the real estate sector in the total value added of the enterprise economy. Estonia led the way (5.5%), followed by Sweden and Latvia (5.2% each), Austria (3.9%) and Denmark (3.8%).

On the other hand, the lowest contributions were observed in Ireland (0.5%), Cyprus (1.0%), Slovenia (1.4%), Croatia (1.6%) and Greece (1.8%).

In terms of employment, Latvia actually reported the highest share (4.2%), followed by Estonia (3.3%), Denmark (2.9%), Lithuania (2.8%) and Sweden (2.4%). The lowest share of employment in the real estate sector in the overall business economy was recorded in Greece (0.8%), Slovenia (0.9%), Croatia, the Netherlands and Cyprus (all 1.0%).

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