Education and Science, Financial Services, Good for Business, Latvia, Legislation, Real Estate

Representatives of the Economics Ministry said that most of the persons in need of such support are up to 35-year-old people whose savings are insufficient for buying proper housing. The current terms of the government’s support program do not make these people eligible for the support unless they are raising underage children.

According to data from the Education and Science Ministry, 15,796 persons graduated from institutions of higher education or colleges in 2016, Most of them, or 59%, were aged between 22 and 26, and 86% of them were up to 35-years-old.

Of the 7,805 graduates of professional education programs, 59% were aged between 19 and 21, and 92% were up to 35-years-old.

Based on these statistics, the Economics Ministry has drawn up legislative amendments to include 35 years-old persons with professional or higher education in the government’s support program for first-time home buyers.

Additional EUR 300,000 will be earmarked for this purpose in Latvia’s 2018 budget, EUR 330,000 will be provided in the 2019 budget and EUR 360,000 in the 2020 budget.