Despite global turbulence, Latvia’s premium real estate market is gaining momentum. In an interview with Dienas Bizness special edition REAL ESTATE 2025, Ilze Mazurenko, Owner and Sales Associate of Latvia Sotheby’s International Realty, shares her perspective on market trends and future opportunities.
“The premium segment is becoming more active – 2025 is expected to outperform the previous year,” Ilze Mazurenko emphasizes.
Ilze Mazurenko notes that sustained demand for high-quality developments continues to support price stability. Buyers have become significantly more pragmatic, basing their decisions on life-cycle costs, energy efficiency, and professional property management. In the rental segment, there remains a shortage of spacious, well-designed apartments, keeping rental prices high in top-tier buildings. Meanwhile, the Jūrmala villa market maintains strong seasonal demand.
On the premium location map, transaction activity is concentrated in Riga’s Quiet Centre, Mežaparks, Baltezers, Piņķi, Mārupe, and Jūrmala’s dune zone, while the Old Town requires a clearer long-term development vision.
“Buyers increasingly compare life-cycle costs and choose projects that offer energy efficiency and reliable property management,” explains Ilze Mazurenko.
According to Latvia Sotheby’s International Realty’s sales team, the market is seeing growing interest from foreign developers, particularly from Estonia, Germany, and the United States. A notable highlight is the transaction led by Ilze Mazurenko with Westminster Group, which is planning an investment of approximately €100 million in Jūrmala.
Concluding the interview, Mazurenko highlights the importance of her team:
“A professional, cohesive team and the trust of our partners are the foundation of these results – my sincere thanks to our colleagues for their daily dedication and commitment.”
Currently, the total value of properties listed for sale in Latvia Sotheby’s International Realty’s database exceeds €2.5 billion. The year 2024 closed with a record performance – 300 transactions totaling €53.7 million.
“Our clients invest in a lifestyle, not just a property,” – Ilze Mazurenko.
The full interview with Ilze Mazurenko, Owner and Managing Director of Latvia Sotheby’s International Realty, is available in the complete feature here.
Read the full interview in the Dienas Bizness special edition “Real Estate”, which covers the following key market developments:
- As borrowing interest rates decline, demand for new residential properties is gradually recovering. However, a limited supply of new housing, combined with rising labor and construction costs, inflationary pressure, and increasing raw material prices, continues to push prices upward.
- After several years of stagnation, residential developers are once again expanding their land banks, signaling continued development of new projects in the long term.
- Capital inflows into real estate are increasing, while businesses are becoming more selective about the types of premises they seek. Industrial timber buildings remain a niche segment in Latvia, and lending conditions continue to be more expensive compared to other markets.
- The edition features an interview with Ilze Mazurenko, Owner and Managing Director of Latvia Sotheby’s International Realty, as well as insights from Artūrs Lukašenoks, Board Member of Dzelzsbetons MB, part of the UPB Group, alongside other key updates from the real estate sector.
Resource: Premium Market in Motion: Ilze Mazurenko’s Outlook for 2025