If you walk through Jurmala, you can see many residential buildings.
If there are no nuances in Riga, and all residential buildings contain apartments, then in Jurmala, some properties have the status of "apartments" (minority), while others have "apartment-hotels" (majority). This is related to development regulations. In some areas, only guest complexes can be built, and residential units in them are designated as "apartment-hotels".
One of Latvia's leading real estate companies (Arco Real Estate) summarized the results of last year (2021). Some statistics relate to "apartments," while others relate to "apartment-hotels." But both segments represent new projects (i.e., buildings constructed after 2000).
So, in 2021, 166 apartment sales transactions were registered in Jurmala, which is 11% higher compared to 2020.
In the "apartment-hotel" segment - 208 transactions. In total, 374 properties found new owners. The total transaction volume in these two segments: 32 million euros, with an average price per square meter: 2,081 euros (for new projects).
The most affordable apartment-hotels were sold for 45,000 euros, while the most expensive went for 502,000 euros.
In the apartment segment, 18 transactions were in the range of 3,000 to 5,655 euros per sq.m., 71 transactions - from 2,000 to 2,999 euros per sq.m., 61 transactions - from 1,000 to 1,999 euros per sq.m., 34 transactions - below 1,000 euros per sq.m.
Low prices per square meter often occur because the terrace area is included in the apartment's total area. If you divide the sale price by the total area, you get a very low (incorrect) price per square meter.
Regarding current listings, i.e., apartments offered for sale, most options are in the range of 2,400 - 3,200 euros per sq.m., while the most expensive options can exceed even 10,000 euros per sq.m. Up to 5,600 euros per sq.m. still fits within the general market level, while more expensive offers are individual and exclusive properties.
Based on our experience, despite the abundance of listings, finding a modern, quality apartment at a reasonable price is difficult! If you are interested in Jurmala - contact us, and we will help you!
If you wish to purchase any good real estate property, and individual approach is important to you, if you want to communicate with a real estate agent and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, highlight important details, arrange the transaction, process your residence permit, and manage your property.
For more detailed information about obtaining a residence permit in Latvia, see here in various sections.
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Email: info@kominvest.com