Apartments in Latvia – How to find proper a place to stay

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Riga stands out with the greatest housing affordability among the Baltic capital cities mainly due to higher wage growth that exceeds the price growth of apartments.

(Swedbank, 2021)

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Renting apartments in Latvia

Where to search:

There are several websites that are commonly used to find homes both for rent and for sale, the most popular ones being:

airbnb.com
ss.com
inch.lv
city24.lv
arcoreal.lv
rentinriga.lv
kivi.lv
latio.lv

The rental market is hot, with the best deals going fast. We recommend identifying the area you want to live in (for example, closer to the city center to be near the hustle and bustle, or closer to your workplace for a quicker commute, etc.), and keeping an eye out for rental opportunities that pop up.

The process is simple – you see a listing you like, then get in touch with the listed contact person. You can request to arrange a viewing. If you like what you see, you can let them know you’ll take it. Keep in mind – this usually happens on a “first come, first served” basis, so timing is important.

Helpful things to know

Rental Agreements

Though agreements can vary, typically the renter is expected to cover rent + utilities. The published rent amount is usually only the rent part, unless otherwise stated

Prepayment

Landlords commonly request the first and last month of rent upfront (you don’t lose that last month, it’s simply already paid for).

Rooms quantity

The amount of rooms listed pertains to total rooms in the apartment, not just bedrooms.

What to ask the landlord when considering renting?

A sample of utility bills (for both summer and winter months) to have an understanding of potential costs. It’s not unusual for winter bills to be twice as high due to heating costs.

― The amount of security deposit to be paid upon renting the apartment. Typically, the security deposit comes out to 1-2 months rent.

― A rundown of the items in the utility bill, to make sure you know what’s included and what you’re expected to pay for separately (electricity or gas, for example).

― You may be able to negotiate on the rent, but if demand is high, don’t get your hopes up. ― Ask if it’s ok to register the apartment as your declared residence address. Although it’s within your rights, it’s better to confirm this to avoid any issues in the future.

Buying apartments in Latvia

Property prices in Latvia are comparatively low, however, they’re trending upwards at a steady pace. As a result, buying property in Latvia is both accessible, as well as a great potential investment for the future.

How buying works

It’s as simple as browsing properties, and when you find something you like, contacting the seller to schedule a property tour. Or you can always turn to real-estate agencies and agents that can do the legwork for you, as well as help you navigate the market.

Mortgages are available from banks. Get in touch with them first to receive an offer, as well as a sum that you’d be pre-approved for. When you identify the property you’d like to buy, the bank will perform an assessment of value, and then decide on issuing the mortgage.

Statistics about the residential market in Riga

Ober Haus, 2021

Annual apartment
price change
-0.9%

New apartments built
1.975

New apartment prices
in residential districts
(€/SQM - with final fit-out)
€1.550 - €2.100

New apartment prices
in city centre & old town
(€/SQM - with final fit-out)
€1.800 - €4.000

Prices for exclusive
apartments in city
centre & old town
(€/SQM)
€5.000 - €7.000

Residential investment
yield (City centre)
3.7%

The average annual
interest rate for
home mortgages
is around 2.55%

Bank of Latvia, 2021

Regional specifics to know

Homes and the land they’re on can be sold separately. When looking at buying a house, make sure that you check if the land is included.

Apartments can be sold in two formats – per unit, or in shares, which is called “domājamās daļas”. While it doesn’t change the fact that you own the property, the format does have implications on buying procedures, property tax, and other matters, such as communal space renovations.

When purchasing apartments in the “domājāmās daļas” format, you are subject to a process that lets other owners claim the apartment in your stead within three months of you singing the purchasing contract, due to a process called “pirmpirkuma tiesības”. While rarely enacted, it can be an unpleasant surprise if not prepared. Speak to your real-estate agent to maneuver these situations.

Property tax in Latvia

Property tax is paid quarterly. The amount is subject to the value of the area you live in and the size of your property. This amount can change as areas gain or lose value over time.

Moving in

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Moving your pets

Your furry friends are more than welcome to come along. They’ll be subject to just a few requirements before getting the all-clear.

Your dog, cat or ferret will need to be:

micro-chipped or have a legible tattoo
(if applied before 3 July 2011)
vaccinated against rabies
treated against the tapeworm Echinococcus
multilocularis, where necessary
in possession of a valid European pet passport
(if travelling within the EU) or an EU animal health
certificate (if travelling from a non-EU country)

Specific restrictions may apply to some countries,
so please check the Food and Veterinary Service
page before traveling.
After relocation, dog owners should register
their pet at the Agricultural Data Centre.

Moving your belongings

International shipping companies will be of the greatest help to bring your belongings to Latvia. Shipping times vary depending on the country of origin and traffic restrictions imposed as a result of Covid-19 in Europe (if any).

When moving within the EU, no tax restrictions are in place.

However if moving from outside the EU, import and other taxes may apply:
― Personal property (such as household items) can be applied for tax exemption, clothes and other necessities aren’t taxed.
― Items you’ve had for less than six months will be subject to import duties and taxes.

Read more +24 January 2023 By Daniel in About Latvia, Informational

Apartments in Latvia - How to find proper place to stay

READ TIME - 12min