Property maintenance costs in Latvia
It costs about 1.0–1.5% of the property value per year to maintain real estate in Latvia.
Taxes
The annual land and commercial property tax rate is 1.5%. Residential houses and apartments are taxed at
Income generated from rent is taxed at 24%.
Utility bills
Utility bills for an apartment in Riga amount to
Municipal house management | €0.5/sq. m |
---|---|
Waste removal | €1.1 per a person |
Lift service, staircase lights and front door lock |
€5.6 |
Cold water | €1.2/m³ |
Hot water | €5–6/m³ |
Heating | €85–100 (€0.7–1.9/m³) |
Electricity | €0.11/kW•h |
Gas | €0.88/m³ |
Landline, TV and Internet | €40 |
Alarm system | €20 |
Insurance
Property insurance is not compulsory in Latvia. However, properties bought with mortgages must be insured and annual insurance costs are about
Apartment | 20–25 |
---|---|
House | 15–25 |
Prime property | 40–60 |
We will send you a content digest not more than once a week
- Property Prices
- Buying and Registering
- Mortgage
- Residence
- Property Maintenance
- Taxes