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The real estate market in all three Baltic States is closely related and, although the legal systems vary a bit, buyers face the same or similar issues. Although important details concerning the purchase of real estate are brought forth in the sale contract drawn up by a notary (in Estonia and Lithuania) or attorney at law (in Latvia), in practice various nuances still tend to be left unattended.

In my career, I have lived through four crises. In 1991, when I started a legal business, there was a total economic collapse, with a shortage of the most basic essential goods – no furniture or computers, or even proper light bulbs for the office. Then there was the ‘Russian’ crisis of 2000, a crisis of foreign currency and the ruble. The one of 2008-2010 followed. And now we have the COVID-19 pandemic – perhaps not so much an economic crisis as one arising from a climate of uncertainty.

Ellex has advised real estate development company Hepsor on the initial public offering of its shares to new investors and listing on the Baltic Main List of the Nasdaq Tallinn stock exchange.

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