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Real estate in Latvia Real estate in Latvia is real estate, which usually consists of a plot of land (possibly with all natural resources depending on the agreement) and buildings connected to it. An apartment can also be a specific part of the building as well as a defined co-ownership of the property below. If a foreigner is purchasing real estate in Latvia and the business meets special requirements, this type of investment can entitle the buyer to apply for a residence permit. (Continue reading) Review of the Latvian real estate market According to the annual review of the Latvian State Land Service (hereinafter SLS), in the period from the second half of 2011 to the second half of 2012, 49% of the total real estate transaction turnover came from residential and commercial buildings, so that more than half (51%) of the total turnover related to land is. As the SLS mentioned in its report, the largest players in the real estate market in Latvia today are commercial banks and their subsidiaries. The second position (according to the volume of financial turnover in real estate) is occupied by foreign investors, many of whom are aiming to obtain a residence permit in Latvia by purchasing real estate. The fact that Latvia's creditworthiness and GDP have risen significantly in recent years, while the ratings of other European countries have fallen, has played a key role in generating the interest and confidence of foreign investors, especially in the Latvian real estate market. Many studies and visible trends show that spending on real estate in Latvia will continue to increase for the foreseeable future. The pace of growth was strong but steady, building confidence and reducing the risk of any type of housing bubble. According to statistics from the Office for Citizenship and Migration Affairs, 2,435 foreigners applied for a residence permit in the last year alone because of the acquisition of real estate. |
