Foreigners, including those who want to get hold of a residence permit, mostly prefer new project apartments in quality buildings located either in Riga city center or Jurmala, according to the real estate company Balsts.
Those who are willing to be granted a residence permit usually opt for a housing worth 150 000 – 200 000 euros. Prices of standard apartments and new projects differ considerably. The average price of a standard apartment has been standing at 600 euros sq. m., while the price hits as high as 1 000 – 1 600 euros sq. m. for new projects, depending on their furnishing and location, according to Aigars Zarins, head of the company.
Foreigners have been showing more interest in real estate than locals already since mid-2010. 328 residence permit claims in total have been received from investors willing to get hold of a residence permit.
Latvians are in turn more cautious. They are carefully assessing all the pros and cons before making the final decision. Banks often refuse crediting due to their poor income. Foreigners are far from being that choosy; they simply opt for a quality apartment for a price they can afford.
Source: http://bnn-news.com/locals-buy-standard-apartments-foreigners-projects-38704