Buying property in Latvia

Hi,

can a foreigner buy property in Latvia?

If so, is it complicated? What is the process of purchasing a property in Latvia?

Any tips for buying property, such as a check-list of items to verify ?

Thanks in advance for participating!

Christine

Like

Yes certainly.
I am a Brit Expat living in Ventspils on the West Coast and I own a large property with no unusual conditions or problems in purchase.

It is a good idea to find a good local person you can trust to help you through the process. It's not necessary to engage a Solicitor unless there are questionable areas.
As i had lived in Latvia for significant period prior to purchase - I enagaged a trusted local friend to act for me via Power of Attorney. All went smoothly.

To anyone moving to Latvia - I advise NOT to fall into the Riga trap. There are many good properties and locations OUTSIDE Riga at far less cost, better quality of life etc.

Good luck.
Nigel in Ventspils

Like

Thanks for your contribution Nigel!;)

Harmonie.

Like

Key challenges in recent years is price inflation in the hotspots of Riga and Jurmula. This is due to the Latvian government passing changes to the immigration law in July 2011 that allows persons to buy Latvian residency (and hence access to the EU) when they spend 50,000 - 100,000 LATS on real estate. Encouraging a lot of Russian money in particular.

This has resulted in foreigners causing price inflation in fashionable apartments, but houses (especially outside the hotspots) have not been so effected. 80% of foreigners buy apartments, while 20% buy houses (according to INLAT).

Main observation about buying property is that price negotiation does not generally involve more than a 5-10% reduction in the price (unless the seller is really eager to sell). Always helpful to have a local agent to assist.

Like
Choose the best health insurance
Protect your health and get easy access to treatment for expats in Latvia.
Open a bank account that suits you
Discover the best international banks to manage your money securely.
Plan your international move
Facilitate your move to Latvia by getting a quote from our top rated movers.
Apply for a visa
Complete your visa application easily and quickly with a visa experts.