Latvijas Republika (i.e. the Republic of Latvia) was founded on 18 November 1918. Although it was recognized by other countries since 1920, it was long occupied by Nazi Germany (1941-1945) and Soviet Russia (1940-1941, 1945-1991). With the dissolution of the USSR, it 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.
Real estate market
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. In 2017, the share of investment turnover in Lithuania was determined as D in retail sales and A in real estate sales. Countries investing in Lithuania are countries such as Estonia, Finland, Sweden, Denmark and Norway, especially America.
House prices in Latvia
In Riga and Jurmala, the cities where the real estate market is most active, house prices start at 300,000 Turkish Liras and rise to 20 million Turkish Liras.
Many countries give you a residence permit when you buy a house from that country, but there are some conditions and rules for you to get a residence permit. Latvia is one of the countries that granted a residence permit when these conditions are met. The price quota valid in the practice that Latvia has permitted foreign investors to circulate between EU member states is as follows: You need to buy a house worth at least 143.000 Euros from big cities and at least 71.500 Euros from rural areas.
Advantages of obtaining a residence permit in Latvia
- You have the same rights as the citizens of the Republic of Latvia. Only the right to choose and be elected is excluded.
- Take the first step to become a citizen of Latvia
- You are entitled to bring your family to Latvia
- You have the right to trade in Latvia
- You live a cheaper life compared to European Union countries.
- After 5 years, you can get an indefinite residence permit.
These rights granted to you may be a logical decision to buy a house in Latvia.
Our company provides consultancy services on home preference in Latvia. It provides services for all details such as your choice of apartment or house that best suits your budget, your application documents, sale of notary public, title deed delivery. You will need the following documents:
Passport Republic of Turkey
Marriage certificate or proof that you are not married (You can get a population certificate from E-Government)
Source of money (Evidence of the legal source of money you want to buy a house)