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Property prices in Latvia

Hello everyone,

Finding affordable housing in Latvia is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Latvia?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

Hello Priscilla.
The real estate prices are in a very wide range. It all depends on the possibilities and region you want to live in.
Eventually in capital Riga and the seaside city Jurmala the real estate prices are highest both to rent or buy.
But as you go further from these the prices drop significantly.

Sometimes you can buy a good house with land about 1 hour car drive from Riga cheaper  than a 2 bedroom apartment in Riga.

If you look at real estate websites for properties in Latvia (i did just today) the prices are not representing the real situation. It is much more affordable than advertised on those websites. I guess it is due to targeting people who do not know that just yet and looking to buy property.

I find that living in Latvia is a pleasure with a condition that you have income at least 1k eur per month per person. Then everything is very affordable. I am not talking about luxury living off course.

what is your intentions regarding Latvia?

Well the place where me and my family bought houses, we got really good prices. Land and house along with garden and garage didn't cost more than € 1000/sq meter for our Riga(Lubanas Iela) house and € 850/sq meter for our Jelgava house. We made our purchases back in 2012 and I think we got pretty good deals, considering the fact that the property market was still not fully out of the crisis.
As of now both properties have definitely appreciated in worth and I think even now if someone is looking to buy property in Latvia, the best option is not to go looking online, but to approach the banks and ask them for what properties they've got as collaterals for loans that people have defaulted as a result forfeiting their properties to such banks. Now, none of these banks are really interested in keeping ownership of these properties but at the same time they don't want to sell them at very cheap rates either. Inspite of this, if you can bargain nice and hard, you'll end up getting a place that is definitely much cheaper than the existing market rates.
You may spend a bit more time and energy in this way, but you'll definitely save a lot in return too.

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