New buildings in Latvia
Location and the state of the economy
Latvia (officially the Republic of Latvia) is a state in Northern Europe, a member of the EU, NATO, the Council of Europe, the UN, the Council of the Baltic Sea States, and is a part of the Eurozone. Climate: temperate continental (inland regions) and maritime (Baltic coast).
The basis of the economy is: agriculture (production of grain, dairy products, honey), chemical industry (pharmaceuticals, biocosmetics), logistics industry, woodworking (timber, furniture), IT technologies, high-tech electronics.
New building market in Latvia
Many Lithuanian and Estonian developers are actively implementing construction projects in Latvia, which to a certain extent confirms the presence of unsatisfied demand in the country. Accordingly, there are all conditions for market growth in the short term. Following demand, prices for almost all types of primary real estate are also increasing. True, experts are already pointing to the prerequisites for a cooling of the market for new buildings, which can form a stable trend, at least towards stagnation (mutually exclusive geopolitical factors influence: on the one hand, high migration and growing demand, on the other hand, inflationary processes, rising interest rates and the loss of former attractiveness of mortgage loans, some actions that can reduce the migration flow, for example, the discussion about visa restrictions).
So far, the conditions for investing in new buildings are close to optimal. Buying an apartment from a developer in Latvia is attractive for foreign investors, as the country as a whole is interesting for living and doing business. Experts record an increase in construction activity and high annual growth rates of foreign direct investment. It is also believed that the market for new buildings in Jurmala will always stand apart, since general economic, geopolitical vicissitudes have less influence on it than in other regions (natural attractiveness and the tradition of relaxing here). To what extent such confidence is justified remains to be seen in the near future.
Prices for new buildings in Latvia
According to the GEOLN.COM website, the minimum price for 1 sq.m of an apartment in a new building in Latvia, handed over in a turnkey condition, in the cities of the country is as follows:
- Adazi — from 1560 USD,
- Marupe - from 2380 USD,
- Riga - from 1670 USD,
- Jurmala - from 3400 USD.
The high dynamics of price changes implies the need to obtain only reliable information at the time of the request.
Latvian real estate in the new buildings (types)
- residential (apartments, houses, cottages, villas, etc.),
- commercial (shopping space, office, warehouse and industrial premises, etc.).
Real estate from the developers in Latvia (purchase details)
The intentions of investors to purchase real estate here in a new building are associated with the following factors:
- successful economic indicators,
- location (many European countries are within driving distance),
- developed infrastructure,
- attractive tourist destination
- comfortable natural and climatic conditions.
According to Latvian legislation, real estate without land plots is available for purchase and the number of purchased objects, both residential and commercial, is not limited. The GEOLN.COM website (the search interface is very convenient) is a big help to the investors, since it contains objects in new buildings for sale. Residential complexes in Latvia, put into operation, comply with European building quality standards, as evidenced by customer reviews.
Before buying an object in a new building, it is useful to check the information:
developer's documents (valid building permit, expert opinion, project declaration with detailed information);
contract (required to be indicated - the completion date of construction, a detailed description, including the exact address, indication of the floor and area, the full price of the apartment and the payment procedure).
When deciding to buy an apartment in Latvia in a new building, a villa or commercial space, it is still advisable to use the advice of GEOLN.COM specialists.
Apartments from a developer in Latvia are a promising investment that allows you to receive income from the provision of housing for rent, live in a European country that is attractive for business and tourism.