The European Union's Statistical Office (EUROSTAT) has published a study covering all European countries, comparing housing prices in 2019 and 2020.
In Latvia, there is an increase of 3.1%. This includes all housing segments, both new and old real estate.
In neighboring Lithuania, the growth is even higher, plus 9.4%. In Estonia, plus 4.8%.
According to our observations, in the real estate market, in many segments demand exceeds supply. Many families are changing their living conditions, looking for more comfortable apartments and houses. Prices for in-demand properties are rising, and this affects the overall statistical data.
To give examples, in 2019 you could find a decent house for up to 140,000 euros, but now, in 2021, you need to budget 160-170,000 euros. A three-room apartment in a new development with two bedrooms and parking could be valued at 120,000 euros in 2019. Now, a similar property will cost 130-140,000 euros.
Two-room apartments have also increased in price. In new projects, it is difficult to find anything cheaper than 80-90,000 euros with reasonable square footage.
From our experience, construction costs have also increased significantly, with building materials and labor becoming more expensive, which forces developers to raise prices.
Meanwhile, the real estate market sees a minimal number of transactions with foreigners. When borders open, we expect a large number of foreign buyers. Consequently, this will further increase prices.
If you wish to purchase a property in Latvia, do not delay this decision until prices rise and the number of available offers decreases!
If you wish to purchase any good real estate property, and individual attention is important to you, if you want to communicate with a real estate agent and lawyer in your native language, contact our company KOM-INVEST! We will be happy to find the right property for you, answer all your questions, point out important nuances, arrange the transaction, process your residence permit, and manage your real estate.
For more detailed information on obtaining a residence permit in Latvia, see here in different sections.
Have questions? We look forward to your email or call!
Phone number: +371 29774775
Email: info@kominvest.com