Why do Russians choose real estate in Latvia after the new immigration law?

Increased interest in real estate in Latvia

The growing interest in real estate in Latvia became clear after the introduction of new immigration legislation. Now, having invested about 100,000 lats (less than 143,000 euros) in the capital Riga or in major cities of the country, one can obtain a residence permit. This offer is attracting great interest not only among locals, but also among Russians who see Latvia as their second homeland. Due to the growing desire of Russians to become residents, some more affordable residential real estate options remain unnoticed, as about 75-80% of our compatriots choose to buy an apartment in the central districts of Riga and the coast of Jurmala.

New opportunities for Russians

At the same time, in smaller Latvian cities, you can also find Russians buying apartments at relatively low prices - sometimes even for as little as 10,000 euros. This nostalgia makes them get the keys to their own apartments abroad, which enriches their lives with new impressions and memorable moments.

Historical sights of Riga

Riga, founded in 1201, is the largest city in Latvia. The capital is home to many historical monuments, many of which are located in the ancient part of the city known as Old Riga. Thanks to architectural masterpieces preserved over the centuries and cobbled streets, the city retains a unique medieval flavor.

• Riga Castle:was built in 1330 and its part, added in 1642, is still preserved in its original form.
• Dome Cathedral:founded in 1211 and now home to one of the largest organs in the world.
• Swedish Gate:commissioned in 1689, remain the only surviving city gates.
• Powder Tower:13th century, which now functions as a military museum.

Popularity of the center of Riga

Riga attracts buyers, especially in the central and ancient parts of the city, where the demand for real estate remains at a high level. The proximity to historical monuments makes these areas extremely attractive. However, it should be noted that most of the offers exceed the mark of 100 000 lats, which makes them unaffordable for most buyers. For this reason, homeowners are trying to restore old buildings and offer unique options with a rich history.

Trends in the real estate market

New construction projects appear less frequently, and in some of them Russians make up a significant share of buyers - up to 50%. If buyers from Russia are not going to live in new apartments, they choose fully renovated offers that are easy to rent out. Rental rates for apartments in Riga have risen by 10-15% over the past year, and this trend is expected to continue over the next 12 months.

Other cities in Latvia

The next in importance and size in Latvia is Daugavpils.

General information about the city

The city is located in the south-east of Latvia, not far from the borders with Lithuania and Belarus. The first mention of its existence dates back as far as the 13th century.

Historical landmarks

One of the key historical values of this region is theDaugavpils FortressIt was erected in 1810 and is a significant architectural and town-planning monument. Another important landmark isDinaburg Castlewhich began construction in 1275. It is still shrouded in many mysteries, among which the lost access to the dungeons destroyed during the horrors of the Second World War stands out.

Nostalgia for the past

Daugavpils, as well as other places far from the coastline, evokes especially warm memories for people who remember Latvia in the times when it was an abundant and peaceful land, where you did not have to stand in long lines for products such as sausages and condensed milk, as in the Soviet years. Nostalgia for the old days and the desire to live in a more peaceful environment become the main reasons for buying property in the area. Nevertheless, one should hardly expect anything special here.

Jurmala resort area

Jurmalais undoubtedly the main resort point in Latvia. It is famous for its soft quartz sand and shallow waters, which makes it an ideal place for family vacations with children. The nature of this region attracts tourists:

• good climate;
• crystal clear air;
• a lot of tall, century-old pine trees.

Tourist flows

Meanwhile, there is a high interest in real estate in the Latvian capital from guests from St.

Conclusion

In conclusion, the growing interest in real estate in Latvia, especially among Russians, is undoubtedly due to the new opportunities provided by the immigration law. The opportunity to obtainresidence permitwhen buying a home in Riga or other major cities becomes a strong motivator for many. I was amazed at how this factor has changed the country's real estate market, and how investors, including those from Russia, willingly invest in Latvian real estate, thus building not only their investments, but also linking their lives with this amazing country.

Culture and life in Latvia

Latvia is not onlyhistoric buildingsand architectural monuments, but also a unique culture, atmosphere, and the opportunity to live in a calm and beautiful country. I am once again convinced that such a purchase helps not only in solving the housing issue, but also in finding a line of a new beginning in life, especially for those who seek peace and tranquility away from noisy megacities.

Attractiveness of small towns

Small towns in Latvia, such asDaugavpilsandJelgavaare beginning to attract attention, despite their modest size and lesser-known attractions. They become places of nostalgia, where you can find peace and remember the best moments of bygone years. At the same time, resorts such asJurmalastill attracts sea and sun lovers, offering a comfortable place for a vacation.

Quality and range of real estate

It is important to note that despite the high interest in buying real estate, the main aspect remains the quality of properties. Buyers from Russia are interested in:

• Fully renovated options;
• The beginning of making a profit from renting without the hassle;

The rental market in Riga continues to be attractive and dynamic, and forecasts for the future show only positive changes.

Innovations and opportunities

Thus, Latvia becomes not just a choice for housing or investment, but a whole area of new opportunities and a very interesting destination. I once asked the question - what is more important: cost or quality? And, in my opinion, both aspects are of equal importance for every purchase, as they influence the choice, mood and, ultimately, life.

Further development of the market, its changes and innovations will depend entirely on how the needs and desires of all those who seek to enter this ladder of opportunities will be formed, without missing the chance to make their lives more interesting and rich.