A Baltic city of architectural delight
Discover Riga's Real Estate
Known as the economic strength of the Baltic region, Riga is ranked 14th on the world’s business index by the world bank group. As the largest city in Latvia, the city plays a significant role both as an economic giant and as the link between eastern and western Europe. Owning a piece of Riga is beyond a dream as the city offers investors a beautiful traditional heritage embraced in postmodernism.
Culture, History, and Business
From its picturesque estates to the distinctively looking art-nouveau cathedrals and museums, Riga’s distinctive architecture makes it a unique option for real estate investors. The Latvian architecture keeps telling the story of times long gone, with an elaborious wooden architecture owning to its abundant forests, Romanesque and Gothic themed cathedral built by German crusaders some which have been preserved and prestigiously listed by UNESCO world heritage. The architecture of Riga is one of the driving forces of its real estate market. Many of its buildings are dated back to the 17th century.
From the lifestyle perspective, Riga residents experience an exciting, vibrant and affordable environment with a high prospect. Real estate investors are often stunned to discover that a city with so much economic strength and historical excellence is one of the cheapest places to live in Europe.
Riga is a fast-growing industrial city with a considerable percentage of its income stemming from foreign exports and industries. It is considered as the primary hub for most industries in the country. Riga’s economic freedom score is 70.4, making it’s economy the 35th freest in the 2019 Index, by the heritage index. The current economic state of Riga keeps real estate investment in the region on a large scale. Investors are attracted to the city’s significant export and import activities.
Real Estate Appeal
Riga’s housing market in recent years has remained firm. However, the only limitation to real estate is the limited supply of houses. According to Arco Real Estate’s figures, apartment prices in Riga rose by 4.89% (1.64% in real terms) to €794 (US$900) per sq. m. in the last quarter of 2018. And a whopping 7.22% in early 2019, house prices rose by 0.38% (0.63% in real terms) in the latest quarter. Compared to most parts of Europe, housing costs in Riga is considerably lower with a median rent rate of $710, which is at least 49% lesser than most parts of the world. Median rent for an apartment is %450. Popular neighborhoods to look into are Skanste Grīziņkalns, Mežaparks, Ķīpsala and Andrejsala.
For other interesting facts about real estate investment and in-depth review of the various neighborhoods in Riga, scroll through to our next articles.
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