October 27, 2025

The following is a press release:

Luminor Bank has granted EUR 600,000 in financing to SIA BG Nams for the construction of a new 12-apartment residential building in the center of Liepāja. The project aims to improve the availability of high-quality and energy-efficient housing in one of the most active real estate markets outside Riga.

The new apartment building will be located in a quiet yet central neighbourhood – within walking distance of Liepāja city centre, the promenade, and the sea – at 12A Celtnieku Street. The three-storey building will feature 12 apartments ranging from 61 to 84 square metres in size.

“High-quality and energy-efficient housing remains in short supply in Latvia’s major cities, and our observations show that apartments in new projects are often reserved even before construction begins. This demonstrates strong market confidence in local developers as well as stable demand for modern and sustainable housing. Such projects not only expand access to quality living spaces but also foster regional development. BG Nams is a trusted and experienced company with high quality standards, and we are pleased to support their contribution to Liepāja’s urban growth. We will also be offering especially attractive financing terms to clients interested in purchasing these apartments,” says Ilze Zoltnere, Head of Corporate Banking at Luminor.

Each apartment will include a balcony and a dedicated parking space in a secured courtyard. The apartments will be delivered fully finished, with the building equipped with a central heating system connected to the city’s district heating network and underfloor heating.

“Our goal is to create homes where people truly want to live – comfortable, energy-efficient, and visually appealing. That is why we continue to invest in high-quality construction. Luminor’s support allows us to move forward confidently with this project,” says Gints Bērziņš, Owner of BG Nams.

Housing market activity in Liepāja has remained stable in recent years, with demand for new homes consistently exceeding supply. In 2024, a total of 900 apartment transactions were registered in the city, while in the first five months of 2025 alone, 458 transactions have already been recorded. The strongest demand is for two- and three-room apartments, particularly in newly built energy-efficient projects.

About BG Nams SIA BG Nams has been active in residential and non-residential construction since 2017. The company develops new multi-apartment buildings and private homes in the Liepāja region, focusing on quality, energy efficiency, and local construction expertise.

About Luminor Luminor is the leading independent bank in the Baltic states and the third largest provider of financial

services in the region. We provide financial services to individuals, families and enterprises. We are new,

dynamic and forward-looking just like Estonian, Latvian and Lithuanian markets.

Additional information:

Zelma Strupka

Luminor PR Project Manager

Phone: +371 29950107

E-mail: Zelma.Strupka@luminorgroup.com