Guide to Buying Property in Latvia | Process & Expenses
With the dissolution of the USSR, Latvia declared its independence again on 21 August 1991. It was also admitted to the European Union and NATO in 2004. Latvia welcomes thousands of tourists every year thanks to its nature assets and attractions.
Everyone who comes to this country returns enchanted and looking for ways to stay here. Here is great news for you. The Latvian government offers residence permit followed by citizenship to entrepreneurs, to those who will set up a company and buy a house. Especially those who want to get a residence permit can realize their dreams by purchasing a house from Latvia at reasonable prices.
How to buy a house to obtain a residence permit in Latvia? What are the necessary conditions? How much savings should you have? All the details are in our article.
Real Estate Market in Latvia
According to international monetary fund data, the Latvian economy in 2016; it has returned to its pre-crisis level with economic developments and growth rate. The investment and real estate market is focused in the cities of Riga and Jurmala, and often real estate trading is carried out intensively in the cities of Riga and Jurmala.
Although the Latvian real estate market generally has average buying power, these rates are much higher in the cities of Riga and Jurmala. Because purchasing power and high-income rate are higher in these cities. Also, the real estate market is active in the cities of Babite and Baltezers. New projects and great interest in these projects in the Pieriga region of Latvia will further develop the real estate market in these regions in the coming years.
When we analyze the Latvian real estate market, we see that there is a high investment volume in 2017. There was a similar increase in 2008. During this period, 33 properties in Latvia were sold for a total value of 312 million Euros. This shows that there is a significant increase.
Read Also: How to Get Residence Permit in Latvia?
Property Investment in Latvia
Investing in property in Latvia is one of the easiest ways to get a residence permit. However, it should not be forgotten that the property to be purchased must meet some conditions. The value of a single investment in Riga and Jurmala, which are considered as the developed regions of the country, should be at least €250,000. Similarly, there is a condition that the value of 2 properties within the borders of Baldone, Carnikava, Garkalne, Adazi, Babite, Ikskile, Marupe, Olaine, Kekava, Ropazi, Salaspils, and Stopini should be €250,000 Euros. It should be known that only land is not accepted as property.
Read this original post to know other requirements for buying a house in Latvia and learn about residence permit benefits.
