Good for Business, Investments, Latvia, Real Estate

In the first quarter this year, more than 80 deals with land and buildings were registered with Jurmala's Land Register, also 130 apartment deals and 50 transactions with land plots. The number of apartments sold in March was almost twice as large as in the other two months together, Ober-Haus reports.

One-third of the apartments sold in Jurmala in the first quarter this year were in new buildings, as well as in Soviet-era buildings in Kauguri, informs LETA.

Apartment prices in central Jurmala start at EUR 3,000 per square meter, whereas pre-renovated apartments cost starting from EUR 2,500 per square meter.

Ober-Haus informs that non-residents, mostly from Russia, are inquiring the most often about property in Jurmala, and they are primarily interested in one- and two-room apartments in new buildings in central Jurmala – Lielupe, Bulduri, Dzintari and Majori.

Some of the prospective buyers wish to buy an apartment in Jurmala for EUR 150,000 to EUR 200,000, with the aim of receiving Latvia's permanent residence permit, however, this is a very small part, notes Ober-Haus.

In the private homes segment, buyers mostly inquire about properties that cost EUR 200,000 to EUR 350,000, most such purchases are paid for with the buyer's own money, and bank co-funding is used very seldom in such transactions.

There is also slight interest in property that costs over EUR 1 million, but the number of such deals remains insignificant.