Arco Real Estate agency predicts that property in Latvia in the price range from €250,000 will be more expensive. Such a sum is now required to obtain a residence permit, according to the Latvian investor program. Property for approx. €140,000-150,000 will be cheaper, as demand will inevitably fall, ee24.com informs.
Real Estate in Riga and Jurmala for €150,000 was in great demand in July and August 2014 on the eve of rise in price of a residence permit in Latvia (since September 1, 2014). In this context, prices rose slightly in August 2014: apartments in Riga rose by 2.65% on a monthly basis, and in the center of the capital of Latvia – by 1.6%, reaching €2,113 per sq.m.
Earlier the Latvian ultra-right LNNK party has achieved its goals: on the third try the Seim has supported a proposal to stop the issuance of residence permits to the Russians in exchange for investments in real estate. However, it’s a bit early to talk about banning: in October 2 the law was sent to the relevant committee for consideration, and then it has to be approved or rejected by the President of Latvia. The final decision is still in process. Read more on ee24.com.