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Property Investment

Latvia was another country that was admitted into the European Union in May 2004 and as a consequence property investors targeted the country with a specific focus in the capital city, Riga. The price of apartments in Riga have increased by 30% in many cases over the past year, but many argue that property is still very much undervalued in Latvia as a whole. You could expect to purchase a luxury apartment in central Riga for €115,000.

Areas of growth are central Riga and the outlying suburbs of Imanta and Pardaugava. Also, there has been large interest in the coastal area of Jurmala, which is beginning to attract large numbers of tourist visitors.

The Latvian government recently announced a 10 year redevelopment scheme for Riga, which will incorporate new commercial and residential areas, an improvement in transport infrastructure and a reconstruction of the port. This will help to stimulate the economy further and will likely lead to further increases in property pricing.


Prices for house purchases in the two most popular areas of Latvia are as follows -

Riga

€84,000 for a 2 bedroom property
€183,000 for a 3 bedroom property
€206,000 for a 4 bedroom property


Jurmala

€171,000 for a 2 bedroom property
€243,000 for a 3 bedroom property
€326,000 for a 4 bedroom property



Prices for apartment purchases in the two most popular areas of Latvia are as follows -

Riga

€76,000 for a 1 bedroom property
€121,000 for a 2 bedroom property
€185,000 for a 3 bedroom property


Jurmala

€51,000 for a 1 bedroom property
€68,000 for a 2 bedroom property
€78,500 for a 3 bedroom property



Prices for weekly property letting in the two most popular areas of Latvia are as follows -

Riga

€295 for a 1 bedroom property
€415 for a 2 bedroom property
€473 for a 3 bedroom property


Jurmala

€338 for a 1 bedroom property
€468 for a 2 bedroom property
€511 for a 3 bedroom property

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