Latvian Real Estate Market and Prices
Buying real estate in Latvia is the most popular way to obtain a Latvian residence permit through investment and thus EU resident status. According to the revised law as of 1 July 2016, foreign nationals can obtain a temporary five-year residence permit in Latvia if they have purchased one residential or commercial unit. A land plot for construction is not sufficient for the residence permit. The value of the real estate must be at least EUR 250,000 for the Adazi, Babite, Baldone, Carnikava, Garkalne, Ikskile, Jurmala, Kekava, Marupe, Olaine, Riga, Ropazi, Salaspils, Saulkrasti, or Stopini municipalities (only one unit is allowed). If foreign investors wish to acquire real estate outside the designated territories, they may purchase up to two units with a total value of at least EUR 250,000.
The minimum threshold of investment remains the same, but an additional fee of EUR 5,000 should be paid to renew the residence permit for a subsequent five-year period. This condition applies to individuals who purchased real estate after 2014.
The majority of foreign investors look to buy real estate in Jurmala and Riga. A number of luxury apartments in the center of the capital are owned by non-residents. Some investors prefer the tranquility of other Latvian health and tourist resorts, such as Saulkrasti.