80% of foreign investors purchasing property in Latvia are Russian with the capital Riga attracting half of all property sales.
Mid-rangenew-build flats in Latvia cost €980–1,200/sq.m and luxury accommodation can range from €1,700–4,000/sq.m.
Prices of Soviet-era flats rose by 3.2% in January 2015 and houses in Riga cost on average €640/sq.m. Downtown property prices can be as high as €2,500–3,500/sq.m, while average prices in Teika, Riga’s most expensive neighbourhood, start around €700/sq.m.
Savvy investors seeking upscale flats look for 199 and 104 Series’ blocks, the latter being a newer type of buildings, where one-bedroom apartments sell for €33,000–41,000. Khrushchyovka and Lithuanian project apartments have great prices for buyers with less funds, costing €18,000–30,000. A one-bedroom flat in the popular Old Riga district is worth about €150,000 whereas an apartment with the same area in a residential district would only cost €70,000.
Average studio prices in the vicinity of Riga area are €23,000–30,000. One-bedrooms cost €32,000–40,000, two-bedrooms cost €36,000–47,000 and three-bedrooms — €45,000–52,000.
Jurmala, famous for its clean beaches and crisp pine forests, is also a favourite among buyers and accounts for more than 30% of the national property acquisitions in Latvia. Housing here is more expensive than in other cities, but is still much cheaper than most European countries. Flats start from €20,000, a superior villa might cost €500,000 and elite housing can reach €1.5M.
Investors looking to clinch value deals can head to the capital’s surrounding towns of Daugavpils, Jelgava, Liepaja, Marupe, Ozolnieki, Saulkrasti and Cesis where the square meter costs €300–500.