How the pandemic changed real estate market in Latvia: expert opinions

The rapid spread of COVID-19 around the world and tight quarantine restrictions in most countries have impacted the real estate market. Latvia was also affected and in April 2020 (the initial period of the pandemic) the demand for residential and commercial properties fell significantly. Today the situation is stabilizing, however, market trends have changed significantly during the quarantine.

What objects are preferred by buyers of real estate in Latvia?

Among all the available offers, the most popular in this period were country houses - both small country houses and large comfortable villas. Therefore, they began to sell cramped apartments in metropolitan areas and move out of town, since, thanks to the fact that they could work remotely, many were not tied to offices anymore.

Other trends important trends:

• increased demand for apartments in new, ready-to-move-in buildings;
• the growing popularity of inexpensive land plots for construction (for example, in the vicinity of Riga there are no more offers available - all the land plots are sold out);
• demand for commercial properties such as warehouses instead of stores is associated with the transition of many enterprises to e-commerce.