Zunda Towers is a rare opportunity, ideally suited to investors looking for a multi-use property in a vibrant and economically growing city. Standing tall, the pair of 30-story buildings (one is 117 meters and the other is 123 meters) represent architectural innovation and brilliance.
An iconic complex on the capital’s landscape, the next owner can choose how to utilize the extensive space: luxurious apartments, premium offices, a five-star hotel, branded residences, a cultural hub, or a combination.
Primely located along the picturesque Daugava River, Zunda Towers offers meaningful returns potential in a real estate market that’s experienced significant growth, with property prices rising 11% year-on-year – the highest rate in the EU.
The sale of this €220 million opportunity (willingness to hear alternative offers) is being handled exclusively by Latvia Sotheby’s International Realty.
Interested parties have until June 20th, 2024, to apply for informal tender.
Zunda Towers: Prime Real Estate
Offering nearly 89,000 square meters of space on a plot of 9,192 square meters, Zunda Towers presents a unique chance to join Latvia’s premium real estate market.
Unparalleled Design
Designed by world-renowned German-American architect Helmut Jahns, the glass-fronted buildings have a unique three-dimensional curved architecture, meaning they’re flooded with natural light.
Previous projects Jahns has worked on include the Sony Center in Berlin, the Messeturm in Frankfurt, the Thompson Center in Chicago, One Liberty Place in Philadelphia, and Suvarnabhumi Airport in Bangkok.
Zunda Towers, Riga
With Zunda Towers, he aimed to promote maximum daylight exposure and provide top-class views of the lively city below from all angles. Meanwhile, the window opening system was carefully conceived, allowing fresh Baltic air to enter all levels.
Interiors and the surrounding area were designed by Andis Silis, one of Latvia’s best-known architects.
Zunda Towers, Riga
Premium Facilities
The ambitious and versatile complex was fitted out with meticulous attention to detail and high quality in mind. Noteworthy facilities and features include energy-efficient facades, intelligent building control systems, air humidifiers, four parking levels spanning 628 spaces, and electric car charging stations.
Spa Zone at Zunda Towers.
There’s also 24/7 surveillance, automatic fire extinguishing, and system access card security, meaning maximum convenience and safety. Enter the towers and be greeted by staff at the reception, before heading up to your floor of choice in a high-speed elevator.
Zunda Towers: Office and Lobby Spaces
Zunda Towers is already well-equipped, but there’s room to develop further: The area boasts low-rise wooden buildings with the potential to create additional amenities for residents and visitors like healthcare facilities, beauty services, and restaurants.
Riga’s Vibrant Spirit and Historic Heritage
Alongside the striking architecture and first-rate facilities, Zunda Towers is strategically positioned in the heart of Riga, the cultural and economic hub of the Baltic States. The development is also close to the UNESCO World Heritage-listed Old Town and the Art Nouveau buildings Riga is known for.
Zunda Towers, Riga.
The bustling metropolis is steeped in history and has a thriving art scene and an array of varied restaurants serving local and international cuisine, including Michelin-recommended establishments. On top of that, there’s excellent infrastructure and easy access to the international airport – 20 minutes by car.
Latvia’s Resilient Housing Market
Despite Latvia’s decade-high interest rates and Europe’s economic recovery lagging behind the USA, with the European Central Bank expected to hold rates higher for longer than the Federal Reserve, the country’s premium real estate market closed 1,540 transactions in 2023, with a turnover of €379.3 million – 108 transactions (€15.6 million) more than in 2022, representing a new record.
Having said that, growth was 4.3% – the slowest since 2019 – and the final quarter of 2023 saw demand fall to the lowest point since the first quarter of 2022, making it the weakest closing quarter since the end of 2019.
Zunda Towers, Riga.
In the final stretch of 2023, €85.5 million was exchanged across 339 deals – a decrease of 13% or €12.7 million and minus 17.1% or 70 transactions compared to the third quarter, when 409 sales generated €98.2 million.
Across the country, the Pierīga region came out on top in terms of real estate in 2023, with Riga second, and Jūrmala a distant third. Riga’s market outpaced 2022 by €8.4 million (or 3.8%), reaching €231.9 million.
When it comes to property, Riga and its council are open to bold ideas, making it easier for investors to initiate and complete projects. The supportive environment makes it an attractive proposition to investors.
Zunda Towers, Riga.
Zunda Towers: Compelling Investment Opportunity
The twin cylindric high-rise buildings are enviably situated along the Daugava River and on the market for €220 million. Offering best-in-class amenities and with the potential to expand and enhance, the multi-use structures are an exciting investment prospect in Riga, the cultural and economic hub of the Baltic States:
Apply for Informal Tender here
