The possibility of receiving a temporary residence permit (TRP) in exchange for buying real estate in Latvia has aroused the interest for premium-class objects among third country residents. However, the criteria prioritised by foreign buyers are highly selective and very dissimilar. For some this is a recreational option, for others a source of potential profit. The issue has been discussed at the seminar organised by Baltic Sotheby\u2019s International Realty (which operates in the premium realty sector) for its partners in Russia, Belarus and Israel.<\/p>\n
\u201cAmendments to the Republic of Latvia Law on Immigration, entitling one to a residence permit in exchange for a real property purchase have certainly increased demand on the part of foreigners\u201d, says Vestards Rozenbergs, co-owner and chairman of the Board of Baltic Sotheby\u2019s International Realty. However, these same amendments, he claims, have provoked an influx of new real estate companies. Without adequate experience or knowledge but sensing a quick profit, these firms can damage the image that professional players on the Latvian market have worked to create. \u201cOur market is small and currently affected by a sort of thirst for gambling; this situation can quickly bring about a moment of truth\u201d, Rozenbergs adds.<\/p>\n
Mikhail Parinov, Chairman of the Board of AS \u201cPadva un Partneri Baltija\u201d, noted the following at the seminar: \u201cThe bureaucracy of authorities in Latvia is worthy of applause. There are clear criteria for granting or refusing TRP status, no subjective evaluation components, and a revolutionary point compared to other countries \u2013 no requirement of residing in Latvia for a certain period of time (accepted global practice is about 180 days each year) have all done their part. Buying real property in Latvia today is the simplest and quickest way to obtain a TRP. The entire procedure takes just a couple of months, with the longest part being property selection itself.\u201d<\/p>\n
According to Vestards Rozenbergs, Baltic Sotheby\u2019s International Realty has an extensive base of premium realty objects in Riga, Jurmala and other cities across Latvia to satisfy every buyer\u2019s most exacting tastes \u2013 from a unique smart summer house in Jurmala at the spearhead of high technology, to a clubhouse within one minute\u2019s walk from the Dzintari concert hall, to Riga\u2019s only flat that provides a view of the Daugava waterfront, has dedicated underground parking and a wine cellar that dates back to the time of Peter the Great. \u201cBy applying our business and sales know-how, we consciously work to reduce the number of objects to choose from, only offering a potential buyer the properties that will suit their individual lifestyle,\u201d Rozenbergs adds.<\/p>\n
\u201cA Russian buyer comes prepared,\u201d adds Yulia Kraschenko, representative of Moscow\u2019s EuroLot real estate agency, \u201cBecause of the proactive advertising of Latvian developers. Demand for real property in Latvia has increased by half in a short span of time, with interest primarily for large detached houses in Jurmala worth up to EUR 1 million and for apartments in the Old Town, worth up to EUR 200,000. 70% of buyers are in the 50+ demographic and concerned their health. The others are mostly people aged 30-35 who have families with children, interested in the possibility of getting a European education at a lower price\u201d.<\/p>\n
Seminar participants are of the opinion that Russians are looking for good places to live, whereas Israeli citizens come purely for investment purposes. One of the visitors at the event remarked that a realtor with a clear-cut business plan specifying an annual return of 11 to 12 per cent is practically a guarantee that Israeli investors will buy that realtor\u2019s property in Latvia.<\/p>\n","protected":false},"excerpt":{"rendered":"
The possibility of receiving a temporary residence permit (TRP) in exchange for buying real estate in Latvia has aroused the interest for premium-class objects among third country residents. However, the criteria prioritised by foreign buyers are highly selective and very dissimilar. For some this is a recreational option, for others a source of potential profit. […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-1215","post","type-post","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/1215"}],"collection":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/comments?post=1215"}],"version-history":[{"count":1,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/1215\/revisions"}],"predecessor-version":[{"id":1217,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/1215\/revisions\/1217"}],"wp:attachment":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/media?parent=1215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/categories?post=1215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/tags?post=1215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}