Baltic Sotheby’s International Realty operates in the segment of exceptional hi-end property, which this year has seen price stabilization and growth of demand.
The interest in Latvian real estate by the citizens of CIS is increased by amandments to the Immigration law, which provides the possibility of obtaining Latvian temporary residence permit on the basis of buyin g property starting from certain amount.
Analyzing the company’s activities over the past year – the demand for real estate and the number of transactions has increased.
As we approach the summer season, the interest of foreign investors in houses and apartments in Jurmala is growing.
“Local buyers, unfortunately, are not very active in the property market”, – said V. Rozenbergs, one of the founders of Baltic Sotheby’s International Realty – “with the improvement of the global financial situation, which would cause greater flow of cash into the economy of Latvia, local buyers demand may increase.”
Currently, the main interest are for two categories of real estate:
- Apartments and houses in the price range from EUR 150 000 to 250 000 with the possibility of renting
- Houses in the price range from EUR 350 000 to 500 000.
The first and most popular category includes real estate with a total area of 100 sq.m., the second – starting from 250 sq.m.
Over the past year Baltic Sotheby’s International Realty has concluded over 30 sales transactions and more than 50 lease deals in Riga, Riga district and Jurmala. Property prices in Riga were from EUR 1 410 to 3 246 per sq. m., in Jurmala – from EUR 2 310 to 3 569 per sq. m.
The average rent price in Riga and Jurmala was EUR 8 per sq. m. (excluding tax and service charges).
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Resource: FIRST YEAR OF BALTIC SOTHEBY’S INTERNATIONAL REALTY ON LATVIAN RESIDENTIAL MARKET