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 0.2–0.6% depending on the cadastral value. You can find the cadastral value at Kadastrs.lv.

Income generated from rent is taxed at 24%.

Utility bills

Utility bills for an apartment in Riga amount to €40–60 in summer and €200–260 in winter. For a house with concierge service in a gated community in Jūrmala, the owner will pay €200 per month on utilities during the summer and about €360 per month during the winter. For a three-bedroom apartment of 60 sq. m in Dārzciems, maintenance costs are €85 per month during the summer and €200 per month during the winter.

Monthly utility bills in Latvia

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 0.10–0.15% of the insurance coverage.

Property maintenance costs, €/sq. m a year

Apartment 20–25
House 15–25
Prime property 40–60