10-06-2024
Mercury Group is a rare example of a local Latvian company that not only holds a leading position in the elite and premium real estate market domestically but is also successful internationally. Its open and closed internet databases contain over 15,000 residential and investment property listings from more than 15 countries worldwide. "Every client is unique and important to us. Our mission is to best meet the needs of buyers, investors, tenants, and property owners who turn to us," says Mercury Group's owner and CEO, Irina Alazova.
Founded in 2000, Mercury Group is confidently approaching its 25th anniversary. On the Latvian domestic market, the company is among the top most successful agencies dealing with luxury, premium, and investment real estate. Geographically, its activities primarily cover Riga and Jurmala, as well as the areas in between, such as Pinki, Saliena, and Babite Parish.
On the other side of the Latvian capital, Mercury Group is interested in prestigious real estate areas like Baltezers, Sunisi, and Garkalne. For Latvian housing and land plots, the company focuses on limited locations of premium and luxury properties. It knows almost all the players and collaborates successfully with developers of new projects, often receiving awards for the highest number of sales as an intermediary.
For commercial real estate, including shopping centers, office complexes, hotels, or logistics centers, Mercury Group operates throughout Latvia without strict geographical constraints. Services include property selection, sale and rental, client needs analysis, market and investment project analysis, full transaction support (including legal services), property management, concierge service, and confidentiality assurance. This is just a small list of Mercury Group's main services. In reality, their range is broader and includes almost all possible real estate market options.
"We are constantly developing and expanding our team, both our regular staff and outsourcing, based precisely on the needs of those who turn to us for real estate assistance," emphasizes Irina Alazova on the company's client orientation. "We work individually with each client. This is important for both buyers and sellers. Both sides of the transactions are attracted by the fact that we have both open and closed property databases. This always allows us to offer buyers some property not publicly listed. Those searching for properties can tell us their wishes, and Mercury Group employees will provide a personalized selection of optimal options. For sellers, especially of elite housing or large investment projects, having a closed database is crucial if they do not want to publicize the sale.
At the same time, we welcome exclusive and/or open sales. Our unique marketing program and rich database guarantee the best result in the quick realization of both individual properties, such as apartments, houses, or estates (including those intended for renovation with subsequent tenant attraction), and entire projects, from villages to multi-apartment buildings or office centers.
Over many years of work, Mercury Group has formed an extensive client base. We always have current and specific requests from potential buyers. Therefore, when a seller with a suitable property approaches us, we first offer it to our internal clients.
– How large is your database of Latvian properties? Can you name a few of the most attractive apartments or private homes currently for sale that you consider profitable for purchase this summer and autumn?
– The summer season is coming, and I would draw attention to houses in Jurmala with various budgets. All of them are rare offerings, as they were created with care and for personal use. They can be moved into immediately after receiving the keys.
It's impossible to talk about all the offers in one article, so we recommend clients contact us for an individual review of their requests. Essentially, our databases have almost everything available on the markets of Latvia's main resort and capital.
For those focused on income from subsequent rental, I recommend looking at apartments in central Riga. Depending on the budget, it is better to consider family apartments in top locations. Such properties are in particular demand among stable tenants: embassy families, for example, usually rent them for up to 5 years. Premium apartments with 1-2 bedrooms are also a good investment, always in demand by potential tenants from the banking sector, IT industry, and top managers of large companies. This is modern and wealthy local youth or non-residents.
In addition to being the company's CEO, I participate in projects and invest both in Riga and abroad. At the end of May, a large-scale project was launched in Andrejosta, Riga – my undisputed favorite, as it offers installment plans with subsequent high returns on investment besides its location and concept advantages.
The Latvian section of Mercury Group's database contains almost 2,000 properties and is updated daily. Since 2017, we have been actively developing the international real estate segment. We cooperate not only with Latvian clients but are also a full-fledged international player. While a dozen brokers work in our Latvian office, over a hundred agents represent Mercury Group globally. Most of them work locally in the countries where we provide assistance with property selection, purchase, sale, or management. We are selective: we have tested more countries than those where Mercury Group has established itself. We chose markets most promising and in demand by our international clients.
– Which countries' foreign real estate is in highest demand?
– This ranking changes yearly. Before the earthquake in southern Turkey in 2023, this country was a favorite among Mercury Group clients. Currently, the top player is undoubtedly the United Arab Emirates, attracting with its safety, well-thought-out tax policies, and long-term development program, positively reflecting on the local real estate market.
There is always stable interest in Southern Europe – Spain, Portugal, Greece, Italy, or Montenegro... In most of these countries, it is difficult to profit from resale. They attract foreigners with stability, including rental income if it's an investment purchase, and with pleasant weather, quality food, history, and a comfortable atmosphere if we talk about relocation or vacation homes.
In Southeast Asia, Thailand is a favorite, where we observe a growing market, and Bali, where we see potential in buying property for rental income and stable returns. Northern Cyprus deserves special mention today, showing significant price growth. In the best new projects, everything sells out quickly, with interest-free installment plans. Rental income averages 10-12% annually.
This can be added to the high potential for price growth: Northern Cyprus real estate is 30-50% cheaper than in the South, despite similar climate, sea, and other factors. One of Mercury Group's products is an investment tour to Northern Cyprus, including accommodation in apartments, sightseeing, property viewing, transfer, legal support, and airfare (with purchase).
Such investment tours, but on an individual basis, are available in all countries where we operate – with concierge service and various bonuses depending on the destination.
