Step-by-step guide to buying real estate in Latvia

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Latvia’s real estate market attracts both locals and foreign investors. According to Latvijas Banka (2024), average apartment prices in Riga increased by 8% annually. Foreigners are allowed to buy property except in border and restricted areas.

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Main requirements and step-by-step process

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Steps:

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1. Choose the property (apartment, house, land).
2. Verify ownership and legal status in the Land Register (www.zemesgramata.lv).
3. Sign a preliminary purchase agreement.
4. Prepare and sign the notarized purchase contract.
5. Transfer funds via bank.
6. Register ownership in the Land Register.

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Details and examples

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• Notary fee: €150–250.
• Land Register fee = 2% of purchase price.
• Property tax: 0.2%–3% depending on the municipality.
• Source: State Land Service (www.vzd.gov.lv).

Advantages and risks

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Advantages:

• Secure investment in the EU.
• Rental income potential.
• Real estate can qualify for residence permit.

Risks:

• Hidden debts or encumbrances.
• Errors without legal assistance.
• Additional costs (fees, taxes).

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FAQ

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1. Can foreigners buy real estate in Latvia?
   Yes, except in restricted areas.
2. What additional costs should be expected?
   Notary €150–250, Land Register fee 2%, property tax.
3. How long does the process take?
   2–6 weeks.
4. Does real estate purchase grant residence permit?
   Yes, above the required investment threshold.
5. Is legal due diligence required?
   Yes, strongly recommended.

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Buying property in Latvia is a safe investment when done correctly. Contact LexFinance for professional support: lexfinance.lv | +37129515251