If you want to invest funds in real estate in Latvia, now is a good time for several reasons.
Over the past year, the number of new construction projects in residential areas of Riga has increased. Developers offer fully finished apartments - painted walls and ceilings, equipped bathrooms, interior doors installed. The price per square meter in residential areas is approximately 1,300 - 2,000 euros per sq.m. A two-bedroom apartment in a new building with renovations can be purchased for 60,000 - 90,000 euros, a three-bedroom for 90,000 - 150,000.
New projects with small-area apartments have appeared in Riga: one-bedroom apartments of 20-30 sq.m, two-bedroom apartments of 30-45 sq.m, three-bedroom apartments of 50-60 sq.m. Such apartments have a lower price and are highly sought after on the local market, mainly by young families. There is also demand for such apartments from local and foreign investors, as small-area apartments rent very well and provide the highest return on investment.
Over the past year, the price per square meter in new construction projects in residential areas of Riga has increased by approximately 5-7%. This is because apartments priced below 100,000 euros sell actively, and within 6-9 months, 90% of apartments in a completed project are sold.
In the historic center of Riga, the situation with new construction is different. There has been no active construction of new projects over the past year, except for the Skanste district, where the selling price per square meter increased from 1,600 euros per sq.m in 2015 to 2,200 euros per sq.m in 2017.
In other new construction projects in Riga or fully renovated buildings, apartment prices are gradually declining. There is no uniform trend for all projects - in some places prices have dropped by 10-20%, in others prices have remained unchanged for the past two years. In some projects, developers are willing to offer clients not a discount, but to equip the apartment with a kitchen or provide full furnishing.
Overall, for 250,000 euros in central Riga, you can find a good 3-bedroom apartment with renovations and two bathrooms in a new or renovated building. If you are prepared to invest 300,000 - 350,000 euros, the selection will be quite large. Two-bedroom apartments cost approximately 130,000 - 200,000 euros. On average, a good renovated apartment in central Riga costs approximately 2,500 - 3,700 euros per sq.m. Despite this price still being quite high, it has decreased significantly compared to 2015.
In central Riga there are also many historic buildings where you can buy an apartment without renovations for 1,000 to 1,500 euros per sq.m. In such a building, there may be an unrepaired facade and stairwells, and no elevator. Apartment renovations, depending on materials and finishing quality, may cost approximately 300 - 500 euros per sq.m.
If you want to purchase real estate in Latvia, our company KOM-INVEST will advise you on where and what real estate to choose based on your goals. For personal residence, real estate is selected based on one set of criteria, for profitable investment and rental on another set. We will show you properties, complete the transaction, and if necessary, provide post-sale maintenance of your real estate.
If you would like us to offer you the most profitable options with high returns, write to us.
Have questions? We await your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
Skype: KOM-INVEST