Real estate in Latvia

Real estate in Latvia attracts many foreign investors. In Latvia you can buy residential and commercial properties in large cities, suburbs or tourist areas. Real estate prices depend on the location. For example, in Jurmala, which is the most popular destination among tourists, buying a house or an apartment can be expensive, but such housing can be rented out very profitably all year round.

If investors decide to purchase a commercial or residential real estate that costs 250 thousand euros or more, then they will be eligible to obtain a residence permit in Latvia. Residence permit makes it possible to facilitate the process of obtaining citizenship.

What are the most popular real estate objects in Latvia?

Objects in the coastal area, such as villas and big, comfortable homes, are in high demand and are typically expensive. In Jurmala one can buy a large house (with an area of over 1000 sq.m.) for 3-6 million euros. However, different market segmets have different prices. The average cost of housing in Latvia is much lower:

• one-room apartment in Riga of up to 30 sq.m. can be bought for 30-40 thousand euros;
• 2 bedroom apartment in Jurmala can be purchased starting from 45 thousand euros;
• 3 bedroom apartments in Latvia start at around 80 thousand euros;
• a small house (about 100 sq.m.) in the Saulkrasti area can be purchased starting from 100 thousand euros.

Range of property types vary, and thanks to that investors have the opportunity to choose either the more affordable options, or expensive real estate.

As for commercial real estate in Latvia, a small apartment for rent in Jurmala can be purchased for 83 thousand euros. The approximate income that can be obtained in this case is about 4-6% per year.