Real estate in Latvia
Real estate in Latvia is immovable property that usually consists of a land plot (possibly including all natural resources, depending on the agreement) and any buildings connected with it. In the case of an appartment it can also refer to a specific part of a building, along with a defined shared interest in the underlying land. In Latvia, if a foreigner purchases real estate and if the deal meets with specific requirements then this kind of investment can entitle the purchaser to apply for a residence permit. (read more)
Latvian real estate market review
According to the annual review, provided by the Latvian State Land Service (hereafter the SLS), during the period from the second half of 2011 to the second half of 2012, 49% of the total transaction turnover in real estate originated from deals on flats and commercial buildings, leaving more than half (51%) of all turnover being related to plots of land.
As the SLS mentioned in it's review, the biggest players in the real estate market in Latvia today are commercial banks and their subsidiaries. The second position (by volume of financial turnover in real estate) is held by the foreign investors, many of whom pursue the goal of receiving a residence permit in Latvia based on the purchase of real estate. The fact that Latvia's credit rating and GDP have increased significantly in recent years, while the rating of other European countries has declined, has played a crucial role in drawing the interest and confidence of foreign investors - especially in the Latvian real estate market. Many studies along with visible trends prove that the amount of money spent on real estate in Latvia will continue to increase for the forseeable future. The speed of growth has been strong but steady, increasing confidence and reducing the risk of any kind of property bubble. According to statistics provided by the Office of Citizenship and Migration Affairs, during the last year alone, 2,435 foreigners requested a residence permit based on the purchase of real estate.
The SLS data shows that the role of the Riga real estate market has always been bigger than the rest of the Latvian market. This trend has increased during the last few years. The amount of real estate deals in Riga is two times higher than in the rest of Latvia, which makes real estate in Riga in pretty high demand.
You can see more data about the Latvian property market in our section on real estate statistics.
Real estate in Riga
As noted above, real estate in Riga is in much higher demand, and of a much higher value than in the rest of Latvia. Please see the map, below, of areas of Riga, which can help you understand in which areas real estate is most valuable and most in demand. The most popular districts of Riga are the old city and the so-called quiet centre.
NB
The location of real estate is one of the most important factors determining it's price. However, depending on condition, status and other factors the price of real estate in those areas may vary.
Map of real estate in Riga
This is a map of real estate by popularity (which also gives an indication of the price)
Legend
BLACK – areas that are considered to be the most in-demand and hence of highest value.
RED – areas that are considered reasonably in-demand and therefore are of reasonably high value.
ORANGE – areas that are still in-demand, but are slightly cheaper.
YELLOW – areas that are popular and desired, but where Real estate is of a more average price.
GREY – areas that are least popular and of the lowest price.
- 1. Bolderāja
- 2. Daugavgrīva
- 3. Dzirciems
- 4. Iļģuciems
- 5. Imanta
- 6. Kleisti
- 7. Ķīpsala
- 8. Rītabuļļi
- 9. Spilve
- 10. Voleri
- 11. Zasulauks
- 12. Āgenskalns
- 13. Atgāzene
- 14. Beberbeķi
- 15. Bieriņi
- 16. Bišumuiža
- 17. Katlakalns
- 18. Mūkupurvs
- 19. Pleskodāle
- 20. Salas
- 21. Šampēteris
- 22. Torņakalns
- 23. Ziepniekkalns
- 24. Zolitūde
- 25. Čiekurkalns
- 26. Jaunciems
- 27. Kundziņsala
- 28. Mangaļsala
- 29. Mežaparks
- 30. Mīlgrāvis
- 31. Pētersala-Andrejsala
- 32. Sarkandaugava
- 33. Trīsciems
- 34. Vecāķi
- 35. Vecdaugava
- 36. Vecmīlgrāvis
- 37. Vecpilsēta
- 38. Centrs
- 39. Berģi
- 40. Brasa
- 41. Brekši
- 42. Bukulti
- 43. Dreiliņi
- 44. Jugla
- 45. Mežciems
- 46. Purvciems
- 47. Skanste
- 48. Suži
- 49. Teika
- 50. Avotu iela
- 51. Dārzciems
- 52. Dārziņi
- 53. Grīziņkalns
- 54. Ķengarags
- 55. Maskavas forštate
- 56. Pļavnieki
- 57. Rumbula
- 58. Šķirotava
Real estate in Jurmala
Real estate of Jurmala, if you are looking for a good, secure investment in Latvia then the purchase of real estate in Jurmala might be the best option for you! The City of Jurmala is located on the coast of the Baltic Sea, in the Gulf of Riga, it's beach has been very popular for decades and it has been granted a blue flag by the EU. The city is quite big and popular amongst tourists, especially from Russia. During the summer months the city is overcrowded by tourists, who rent houses and flats, or take rooms in the city's many hotels and motels.
The Dzintari, Dubulti, Bulduri, Majori areas are the most popular among tourists. Jomas street (Dzintari district) attracts thousands of tourists each year from around the world. Anually the city holds the famous ‘New Wave’ singing competition, which provides a draw for many rich and famous people, especially from Russia, to visit Jurmala.
How can we help you?
We can help you find real estate that best suits you and your needs. We can also support you in doing all the leg-work for the deal and arrange all of the paper work related to the purchase of real estate. After the property is yours, we can provide full legal support requesting and obtaining a residence permit in Latvia. Please read more about our services here.