Growth in consumer activity on the primary real estate market in Latvia's capital has led to a construction boom. More new housing units are built that meet both domestic and external demand.
Foreigners are attracted by the country's favorable law on residence permits, seeking to purchase a new fully finished home. Such objects usually cost €150,000 - €180,000. The local residents generally apply to economy class housing, but there has recently been a growing interest in the more prestigious offerings.
In general, the prices on the primary market of Riga rise. In the third quarter the square meter of housing in the center of the capital cost on average €2,500, which is 13.4% more than the same period in 2012. New housing worth an average of €4,200 per square meter, an increase of 9.3% compared to the same period last year.
Earlier ee24.com wrote about the strong growth in investor interest from China to the Latvian real estate.