Insulating Soviet-era homes is economically unviable, says real estate expert

Insulating Soviet-era buildings is an economically unviable endeavor for residents, according to Aigars Šmits, chairman of the board of the Latvian Real Estate Transactions Association. Šmits explained that many people reside in these older structures primarily because they lack the financial means to purchase apartments in new developments.

Šmits highlighted the significant cost associated with insulation work. He stated that the amount spent on thermal insulation for these older buildings can be nearly equivalent to the price of acquiring an apartment in a new project. This makes the investment in retrofitting Soviet-era buildings financially impractical for the majority of inhabitants.

The expert's comments underscore a difficult reality for many residents. The high cost of renovation, coupled with the inability to afford newer housing, leaves them in a precarious economic position. The current situation suggests that while insulation might offer long-term benefits, the immediate financial burden makes it an unattainable solution for those living in these older, less efficient buildings.

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People live in Soviet-era buildings because they cannot afford to buy an apartment in a new project. If we calculated how much they pay for thermal insulation work, that amount would be close to the price of an apartment in a new project.