INTS DALDERIS

This discussion will explore how pension reform could reshape capital flows and real estate investment across the Baltic region. Drawing on the experience of Estonia and Lithuania, where reforms have already been implemented, the panel will examine the market effects observed so far and consider what lessons they may offer Latvia, where changes to the pension system are still under discussion. The conversation will address how differences between national pension systems influence investment strategies, real estate allocations and liquidity requirements. Panellists will discuss the withdrawal of capital from real estate funds, the resulting pressure to raise liquidity, and the response of pension funds and other institutional investors as they reassess portfolio allocations and risk exposure. The panel will also consider broader market consequences, including increased apartment sales, short-term changes in retail activity and inflation-related adjustments. Finally, it will place pension reform within the wider economic and policy environment, assessing how inflation, market conditions and regulatory decisions may influence future real estate investment flows in Latvia and across the Baltics.