Real Estate, Hospitality & Construction
Real estate and construction includes construction, repair, reconstruction as well as purchase and sale, rent and other transactions related with this asset of living houses, industry and trade objects, offices, public buildings, communications, engineering networks and other structures. Currently, much attention is paid to the renovation process of apartment blocks that is believed to proceed till 2010.
Real Estate and construction has been among the most rapidly developing areas in the Baltic States during recent years. Before the global financial crisis took hold, the scope of construction was constantly increasing, real estate market was expanding along with growing demand on flats and houses and real property prices. Nevertheless, a sudden economic downturn had painfully affected the sector of real estate and construction. Prices of real estate and rent significantly diminished, consequently, a great deal of subjects participating in this field underwent immense financial difficulties.
As market participants say this was due to constantly changing and laws as well incoherent growth of cities and lack of land plots.
Upon Lithuania's accession to EU, hotel and guest house business has been rapidly developing; however, the Lithuanian hotel competitiveness with the neighbouring countries concerning the flow of tourists was complicated by the state tax policy.
Experience
The Real Estate, Hospitality and Construction group within the Baltic Legal Solutions network is one of the pre-eminent providers of real estate services in the Baltic States.
Baltic Legal Solutions provides legal services to real estate owners, developers, investors, pension funds, lenders, investment banks, advisory/brokerage companies, property managers along with asset managers.
Legal services provided by Baltic Legal Solutions include miscellaneous legal support in negotiating, concluding and performing transactions, coping with dispute resolution as well as assistance in mortgage actions, drafting of various agreements (purchase - sale, donation, rent, including commercial premises, establishment of usage regulations, construction, design and other contracts under national laws and conditions of FIDIC agreements, loans, etc.) and legal opinions, consultations regarding tenant and lessee relations.
Every week "Baltic Legal Solutions Lithuania" prepares reviews of new legal acts in the area of real property and distribute them to clients working or interested in this area as well as to other interested parties.