25 years in real estate: the story of Irina Alazova, CEO of Mercury Group
01-06-2026
Irina Alazova, CEO and founder of Mercury Group, shares the story of her 25-year path in Latvian real estate - from the first short-term rental clients to the development of a premium agency focused on luxury and investment properties. Irina reflects on the early years of the market, the challenges of the 2008–2010 crisis, the transition into the premium segment and the values that continue to define Mercury Group today: trust, reputation, professionalism and full client support.
It started in a much simpler way. With short-term apartment rentals for foreigners in Latvia — at a time when this market was almost non-existent. There were very few hotels, very few apartments available for this type of rental, and we knew almost every owner who was active in the segment.25 years ago, I did not start in luxury real estate.
Then rentals naturally became sales.
Sales became investments.
Investments became more complex transactions, development projects, international clients and, eventually, the premium market.
One of the most important turning points came after the 2008–2010 crisis. It was a truly difficult period. The market had almost stopped. Sales were rare. But it was also the moment when it became clear: to move forward, we needed more than “working with property”. We needed a clear specialisation.
This is how Mercury Group gradually focused on premium and investment real estate.
I still remember one of the first major transactions of that new stage — an apartment in central Riga worth around €600,000, purchased by clients as part of their residency process. After two years of an almost frozen market, that transaction became a symbol of a new direction for me.
Today, after 25 years, I know one thing clearly: success in real estate is never accidental.
- It is experience.
- It is reputation.
- It is the ability to go through difficult periods without losing interest in the work.
