The Latvian Land Register publishes a report each month showing how many transactions were registered in the previous month.
In May, 748 purchase and sale transactions were completed in Riga. In April - 772 transactions, showing a slight decline.
This is due to the fact that an emergency situation was in effect in May. Bank branches and offices of many notaries were closed. Some transactions were suspended.
In June, there is active demand from local residents across all popular residential segments. These are affordable apartments, compact apartments in new developments, and apartments in renovated buildings in central Riga.
Another interesting trend. As expected, demand for suburban real estate and small private houses has increased sharply.
In Riga district, 563 transactions were registered in May, compared to 434 in April. This represents a 29% increase.
Not only convenient and compact private houses are selling quickly, but also land plots for development.
As of early June, the real estate market situation is encouraging. The virus caused some adjustments, but did not cause a market "crash" or significant property price corrections.
If you wish to purchase quality real estate, value a personalized approach, and prefer to communicate with a real estate agent and lawyer in your native language, contact our company KOM-INVEST! We will be happy to find a suitable property for you, answer all your questions, point out 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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