Purchasing of real estate in Latvia is the easiest way to become a member of European society. Calm, clean and relaxed Latvia offers well developed infrastructure and economic stability. Property market there is favourably disposed towards foreign clients. And local authorities support this position by providing residence permit for those who buy real estate.
Purchase of real estate in Latvia is one of the ways to save and increase your savings. Property market in Latvia is recovering from crisis but real estate prices are still quite affordable. Fast developing business environment combined with sunny and comfortable Baltic Sea coast provide a unique opportunity to purchase real estate for living or for renting out as well. Real estate in capital city of Riga is often requested for rent by expats. While property in coastal Jurmala is in demand among those who want to send their families for summer vacations. Rent rates depend from object and its location but anyway owner may count on 5% annual income.
Two most expensive locations to buy real estate in Latvia are Jurmala and Riga. It’s hard to find good offers in the center of capital city with good price and quality balance. Buying property in Latvia is mostly popular in such cities as Jelgava, Saldus and Smiltene located not far than 100 km away from the capital. Affordable property for sale in Latvia is also offered at sea resort Liepaja. One may find there the same advantages as in Jurmala but real estate price are much lower. Attractive and affordable real estate offers for sale in Latvia may be found in Ozolnieki. This is located only 40 km away from Riga place has become popular few years ago and currently offers residential complexes with developed infrastructure, parks, malls, and developed public transport nerwork.
Since 1 January 2014 country has become a member of Eurozone. And experts predict that real estate prices in Latvia will continue to increase. Currently prices in center of Riga reach €1,500-3,000 per sq.m. In capital outskirts one may buy apartment in new building for €600-700 per square meter. In small cities like Ozolnieki one-bedroom fully furnished apartment, may be purchased for €100,000. Prices for decent apartments in Jurmala start from €2,500 per sq.m.
To get a permanent residence in Latvia one has to purchase a real estate for more than €142,500. Since 1 September 2014 this amount will be increased up to €250,000, so if you want to get "cheaper" residence permit, hurry up!