We offer you a brief overview of the rental market in Riga.
More and more landlords are registering their business activities and officially renting out apartments. Under the 20% rate (i.e., commercial activity where profit and losses are accounted for), 4,650 people are registered. Under the simplified scheme with a 10% rate, 44,995 people are registered. As for legal entities, 7,678 legal entities indicated "property rental" as their activity.
In Latvia, rental activities are mainly conducted by private individuals or private investors. Large companies with portfolios of numerous apartments are only beginning to appear on our market.
The construction of new "income-generating buildings" is associated with significant risks due to uncertainty in construction costs and inflation. Therefore, large investors most often acquire historic buildings, renovate them, and prepare apartments for rental. Or they purchase already completed and operational income-generating buildings.
As for demand, it is only increasing. Apartments are needed by local residents, newcomers (including refugees from Ukraine), and international students.
In central Riga, prices are very high, starting from 10 euros per sq.m. For example, it will be difficult to find a two-bedroom apartment of 40 sq.m. for less than 400 euros.
The summer season (July, August) is very favorable for rental. During this time, many tenants are looking for apartments, and rental is possible in all segments - both small apartments and more exclusive options.
For example, our company found a tenant for an apartment priced at 950 euros in a new building in central Riga within 5 days at the end of June.
If you wish to purchase any good real estate property and value a personalized approach, contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw your attention to important details, complete the transaction, and manage your real estate.
Have questions? We are waiting for your letter or call!
Phone number: +371 29774775 (Viber, WhatsApp)
Email: info@kominvest.com