Real Estate in Latvia

Location, climate, and economy

Latvia (officially the Republic of Latvia) is a state in the Baltic region of Northern Europe. It borders Estonia in the north, Lithuania in the south, Russia in the east, Belarus in the southeast, and shares a maritime border with Sweden in the west. The country is a member of the EU, Eurozone, NATO, Council of Europe, UN, Council of the Baltic Sea States, IMF, FIO, OECD, OSCE and WTO. The climate of the country is transitional from maritime to continental.

A country with a developed economy and a high level of income, it ranks 39th in the Human Development Index. Latvia is an industrial-agrarian country. Main Industries: Automotive, Agricultural, Electronic, Pharmaceutical, Textile, etc.

Market and real estate prices in Latvia

The real estate market in Latvia continues to develop actively and demonstrates good performance - both sellers and buyers are active. The demand for residential real estate in Latvia in the first quarter of 2022 exceeded last year by 12.1%. Accordingly, prices are rising, so buying residential real estate in Latvia is beneficial for obtaining a stable income. Moreover, the cost growth is observed in all segments: from standard apartments to private mansions. In addition to growing demand, the cost of real estate is largely affected by the rise in price of building materials and energy. Despite the above factors, experts note that prices in Latvia in the medium term, if they do rise, then it will happen moderately. The market is also cooling down due to pan-European measures: mortgage loans have become less profitable in the middle of the year.

By the end of the first quarter of 2022, the price of real estate in Latvia has already increased by 17.3% year on year. According to Luminor Bank, the cost of new apartments in Latvia increased by 20-30% over the year. If in 2020, apartments in new economy class buildings in Riga could be bought for 1.7-1.8 thousand euros per sq.m., now prices are higher than 2.2 thousand euros. Cheaper can be purchased in small towns and remote regions.

Estimated value of real estate in Latvia:

• apartments in Riga: standard (23,000 - 50,000 euros), apartment in a new building (150,000 - 180,000 euros), apartment in the historical center (from 3,500 euros per sq.m.);
• apartments in Jurmala: on the first line (3,000 euros per sq.m.), on the second or third lines (1,300 - 3,000 euros per sq.m.);
• houses: area 40-50 sq.m. in the provinces (13,000 - 17,000 euros), in the suburbs of Riga on Lake Baltezers - 600,000 euros), with an area of 300 sq.m. in Jurmala (300,000 - 350,000 euros).

Property types for sale

Potential buyers can choose from the following types of real estate in Latvia:

• residential (apartments, houses, cottages, villas, etc.);
• commercial (shopping space, office space, warehouses, industrial premises, etc.);
• land plots.

Real estate website in Latvia (full catalog)

We recommend that you use only expert information and follow the instructions of specialists. The GEOLN.COM real estate website will help with this, since it contains a current catalog of verified real estate in Latvia.

Buying real estate in Latvia by foreigners: the nuances of investing

Foreign citizens have the right to buy real estate in Latvia without restrictions (residential and commercial properties in any region of the country, from resort areas to places remote from tourist centers), the acquisition procedure is clear and safe. Most foreign buyers are attracted by real estate in the capital city of Riga and the resort capital of Jurmala.

Under the Golden Visa program, which has been operating in Latvia since 2010, when buying an object worth more than 250,000 euros, a foreigner receives a residence permit in the state with the possibility of obtaining a permanent residence (for the owner of the home, husband/wife and minor children). For the purchase of housing, the buyer pays a one-time tax of 5% (paid immediately after the approval of the residence permit). Buying and selling real estate in Latvia is also considered attractive in terms of obtaining a Schengen multiple visa, which makes it possible to travel throughout Europe.

Buying real estate in Latvia is a great way to save capital, diversify your investment portfolio and obtain a residence permit in the European Union, in an ideal city for travel, recreation and life.