Real Estate in Latvia

There is good news when buying real estate in Latvia as gone are the days when westerners were taken advantage of in buying real estate in the, former less stable, country. The fact is, nowadays, even though purchasing property is not as systemized as older markets the process is now relatively straightforward. There are many real estate opportunities in Latvia whether you are looking for a seaside vacation apartment or a home in the countryside.

In the last 20 years the prices of real estate in Latvia has been growing at a constant pace. Since the year 1998 the prices have increased, on average, 300 percent. Land prices have increased by 150 -250 percent and commercial property prices have increased by 70 to 120 percent. The good thing about investing in Latvian real estate is the fact that Latvia itself provides foreign investors the opportunity to buy or rent Latvian real estate with almost no limitations. All Latvian real estate is entered into the central land register called the Land Book. The Land Book protects the rights of owners for properties and land in the country. The banks in Latvia can offer the buyer mortgage rates which are competitive.

In purchasing real estate in Latvia it generally takes 1-2 months to secure the deal from the inception of the real estate deal to securing the buyer's property rights.

There are some legal costs which must be paid by the buyer as well. Besides the cost of the real estate the buyer must pay for the cost of real estate value estimation, the State duty, and Notary expenses.

There are many advantages when buying real estate in Latvia. The best advantage is the chance to make money on your purchase of real estate considering the constant growth of the market, which is still occurring at present time. There are also no limitations on real estate purchases in Latvia which can make for easy transactions. There are generally no problems when attempting to get a visa approval. Buying real estate in Latvia can be a lucrative as well as an easy venture.

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Sandis Viksna

The Daily Latvia - An Interactive Guide To Riga And Latvia

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