Latvia is located between Lithuania and Estonia, on the Baltic Sea. It has the second longest coastline of all three countries, and developers in Latvia are actively developing this valuable resource by constructing new residential areas. It is quite easy for foreigners to buy real estate here, and although the sea is not as warm as in other countries, new buildings in Latvia can also be a good investment.
Features of new real estate in Latvia
New housing in Latvia is built taking into account the local climate, including high humidity in coastal regions, strong winds and cold winters. Local developers use modern materials to increase the energy efficiency of new buildings, which in turn reduces potential utility costs. Other advantages include:
- Developed infrastructure. According to EU construction regulations, kindergartens, schools, shops and transport interchanges must be within walking distance of a residential complex. The necessary facilities are completed in parallel or before the housing is laid.
- Flexibility in planning. Real estate in Latvia from the developer is built using monolithic technology, when a solid concrete frame is erected. Thanks to this, the apartment has virtually no load-bearing walls and can be re-planned according to your needs.
Prices for new buildings in Latvia
Prices for new buildings are highest in the center of Riga - €2500-€4000 per m2. In popular areas near the center - €1800-€3000 euros per m2. The suburbs are already more democratic in terms of prices - there you can often find offers from €1200 per m2.
The market offers various options: from compact studios to elite penthouses with panoramic views. Real estate from the developer is often sold with finishing, which is also a plus.
Nuances of buying real estate in a new building in Latvia
Foreign citizens can obtain a Latvian residence permit when buying real estate, but for this the total cost of the property must be at least €250,000, and its cadastral value at the time of purchase must be at least €80,000.
The purchase process includes the following stages:
- Housing reservation agreement. Concluded to secure the selected property for you for a certain period.
- Preliminary purchase and sale agreement. Defines the main terms of the transaction and the obligations of the parties.
- Main purchase and sale agreement. The final document confirming the transfer of ownership.
- Registration of ownership. After signing the main agreement, it is necessary to register the ownership in the Land Register of Latvia.
In addition to the cost of the property itself, you should take into account the cost of paying the state fee for registration, which is 1.5% of the value of the property for individuals and 2% for legal entities.
