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The current practice and procedures of real estate management in Riga show a completely unsuccessful property governance model, which does not correspond to modern trends in real estate governance. This model is decentralised and fragmented; there are no standardised governance principles, no cost analysis processes regarding specific assets, no clearly defined tasks and performance indicators. After the audit, the State Audit Office concludes that the Riga City Municipality perceives real estate governance in a too narrow sense, more like property management only. Furthermore, other market participants whose business is related to real estate do not understand that model.
