The first quarter of 2025 has started with record activity in Latvia’s premium real estate market – a sharp increase in transaction volume, stable prices, and a focused approach from buyers. Experts at Latvia Sotheby’s International Realty have compiled the latest data and trends in Riga, Jūrmala, and the greater Riga area, offering valuable insights for those planning to buy or sell property this year.
Data analysis from the Land Register for transactions up to May 7, 2025, reveals significant trends in Riga, Jurmala, and Pieriga. This report includes only those transactions that meet specific criteria according to the premium segment:
- Land transactions – only areas designated for private house construction – minimum value €150,000;
- Apartments – including row houses and twin houses, with transaction amounts from €150,000;
- Private houses – analyzed from €350,000, considering only the main building area.
Pieriga is defined as transactions in the municipalities of Adazi, Kekava, Marupe, Olaine, Ropazi, Salaspils, Saulkrasti, and Sigulda.
Market Overview
In the first quarter, total registered transactions reached around €105 million – the highest in the last four years. The largest number and volume of transactions remain in Riga, followed by Pieriga and Jurmala.
Particularly strong activity was observed in Riga’s apartment segment, supported by the reduction in mortgage interest rates – 4.54% at the end of March (the lowest level in two years, according to the Bank of Latvia).
Apartment Transactions
Most apartment transactions were registered in Riga – 343 transactions with a total value exceeding €71 million. This reflects high demand in the capital city, where the market is most active.
In Pieriga, 72 transactions were made with a total value of about €14.4 million. 33% of transactions in Pieriga were registered in Marupe. Jurmala saw only 26 transactions worth €6.5 million.
The average price per square meter remains historically high – nearly €2,400/m² in Riga, €1,797/m² in Pieriga, and €2,218/m² in Jurmala.
Land Transactions
Land transactions were the rarest – only 5 in Jurmala, and one each in Riga and Pieriga. In total, 4,546 m² of land were sold for €3.835 million. Despite the low number of transactions, a sharp price increase was observed in Jurmala’s land market – up to €300/m².
Private House Segment
Surprisingly, the most private house transactions in Q1 2025 were in Riga, followed by Pieriga and Jurmala. However, Jurmala stands out with the highest average transaction price – €671,833 – and the highest price per square meter – €2,143/m².
Riga had the highest total transaction volume (€4.69 million) and a similar average price to Jurmala (€670,000). In contrast, prices in Pieriga are significantly lower – both in terms of average transaction value (€430,000) and price per square meter (€1,316/m²). These data indicate that Riga leads in the number of transactions, Jurmala as an exclusive and expensive market, while Pieriga offers a more affordable alternative.
Conclusions
The premium real estate market in Latvia continues to develop with confident growth – both buyer activity and transaction prices are rising. Riga maintains its position as the market leader, Jurmala strengthens its exclusivity, while Pieriga becomes an alternative for those seeking more affordable housing close to Riga’s center.
“The numbers speak for themselves – the beginning of 2025 has been one of the most active periods in the premium market in recent years. Transaction volumes have increased across all segments, especially in the apartment market in Riga, where we are seeing both high demand and the return of investors. This is a clear signal that buyers are once again thinking long-term and viewing the Latvian market with confidence,” says Ilze Mazurenko, owner of Latvia Sotheby’s International Realty.
Considering the activity level at the start of the year, there is reason to predict that 2025 will be one of the strongest years in recent times for the premium segment.
Work with premium real estate market experts – book a consultation today!
Resource: Experts’ insight – the most significant market movements of 2025 Q1 in the premium property segment