Real Estate in Latvia

Latvia is the country of enchanting ancient castles and cathedrals, which can’t but turn it into a real magnet for tourists. After spending certain period of time in this country some tourists like it so much that they start thinking of buying real estate in Latvia. A great lot of investors are attracted by the fact that Latvia joined European Union in 2004.

One should admit that prices for the real estate in Latvia in 2008 dropped by 7.2% in comparison with 2007, which can be put to the economic crisis in this country, besides, analysts claim that the prices are likely to drop by another 10% and there wouldn’t be a rise until the economy in the country stabilizes.

When buying real estate in Latvia, new owners of flats and houses have the right to get Shengen Visa valid for five years without getting special proposal, the only thing required is to show the extract from the land registration book.

The most popular region is Riga (Mezhciems, Plavnieki, Ygla and Teika), but lately it has become quite popular to buy houses and lands in Urmala, as it is one of the biggest tourist zones in the Baltics. It is peculiar for the mild climate and curative sea-air.

The procedure of buying real estate in Latvia is pretty easy. Firstly, you make a deal with the seller, and then check the status of the object you chose in the land registration book. You should also check out, whether there are any sale restrictions, because in Latvia a foreigner can’t buy lands in the borderland, on the shore of the Gulf of Riga and the Baltic Sea, in so-called dune zones and near public basins. The next stage is to sign the contract for the real estate in Latvia and make an application; all these documents are to be declared to the self-government, which is to give an allowance for the sale. The receipt of the cadastre value can be received in the GLC. Once you have collected all the documents, you are to declare them to the land registration book for the completing the procedure of the deal registration.