Renovation of Multi-Storey Buildings – An Untapped Opportunity for Housing Affordability
Renovating existing multi-storey residential buildings can extend their lifespan, improve energy efficiency, and enhance the availability of modern housing, especially at a time when loan interest rates are rising again.
The renovation of existing multi-storey residential buildings could become a key tool in addressing housing affordability challenges in Latvia. According to industry experts, such projects not only extend the service life of buildings but also significantly increase their energy efficiency.
Now that loan interest rates are once again on the rise, renovated homes could emerge as an attractive alternative to new constructions. They offer living spaces that meet modern standards while maintaining lower costs compared to building new structures.
However, experts point out that this segment remains largely underutilized. Although renovation brings clear benefits both for residents and the state as a whole, its pace is hindered by various factors, including access to financing and a lack of information. To fully harness this potential, targeted policies and public education on the long-term advantages of renovation are needed.
