Buying Property in Latvia: The Ultimate Guide 2026

Buying property in Latvia is becoming one of the top ways to obtain Latvian residency. To get started, you need to understand how buying property in Latvia works for foreigners and the various aspects to consider before hearing the golden word, SOLD!

In this guide, you will learn everything you need to know about buying property in Latvia, from steps and pricing to the best places to buy. We’ve got you covered.

Buying Property in Latvia: Key Insights

• Foreigners can buy residential and commercial property; agricultural and forest land are restricted.
• Average prices (2026): Riga €2,724/m² (centre), €1,792/m² (outside); Jūrmala €3,200/€2,200; Liepāja €1,351/€999; Daugavpils €1,375/€800.
• Property taxes: residential 0.2–0.6%, land/commercial 1.5%, transfer 3.75%, capital gains 20% (exemptions for primary home or reinvestment).
• Advantages: strong rental yields (7.9–8%), EU membership, digital nomad friendly, and rising property demand.

Who can buy property in Latvia? 

Anyone is able to buy property in Latvia, but there are some different requirements for various nationalities depending on residency. Let’s take a look:

• Citizens of the EU/EAA: Unrestricted rights to buy property in Latvia.
• Non-EU/EAA citizens: There are some restrictions on the types of property for non-EU/EAA citizens. They are not permitted to purchase agricultural or forest land.

Buying Property in Latvia as a Foreigner

Foreign nationals who purchase real estate property in Latvia have the same rights as those with Latvian citizenship. This includes commercial real estate, rentals, and residential properties.

There are some exceptions to buying property in Latvia as a foreigner. Here are some practical examples:

Luckily, for foreign investors, the Latvia Golden Visa program offers one of the best options for buying property in Latvia as a foreign national. If you purchase a property worth a minimum of €250,000, you can qualify for the Latvian residence permit.

Get residency through real estate with the Latvia Golden Visa

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What are the steps for buying property in Latvia as a foreigner? 

Before you start your Latvia property purchasing journey, it’s important to understand the various steps to buy a property as a foreigner in Latvia.

Step One: Property search

Foreign nationals can start by looking at different properties online to get an idea of what might work for them. Once you have a good idea of what you’re looking for and the areas you’re interested in, speaking with a real estate agent can be a great help on your property journey. Additionally, there are real estate agents who have worked with foreign nationals previously, so they know the most popular areas and how to advise on the purchasing process.

Step two: Due diligence

It is vital for you to carry out due diligence before buying a property. You need to ensure that the property is not under debt review and that there are no outstanding legal issues.

Hiring a Latvia immigration lawyer may be the best option here to ensure you get the proper advice and have an understanding of what you’re getting into. Remember, the laws in Latvia will likely differ to your home country, so having a third party to provide advice can help prevent issues down the road.

A lawyer can also help with writing up the preliminary agreement if this is required. It is not compulsory, but it does make things easier further down the line, with all parties understanding what is involved in the sale.

Step three: Obtain a notary

You will need a Latvian notary to oversee the legal transfer of the property. Both parties (property owner and new buyer) will need to sign the purchase agreement in front of the notary.

Step four: Register the property at the Latvian Land Registry

Once the purchase agreement has been signed, it needs to be submitted to the Latvian Land Registry. Once there, the transfer of ownership takes place and usually takes about 1-2 weeks.

Best Place to Buy Property in Latvia: The Latvia Real Estate Market 

Riga

Riga is the economic and cultural center of Latvia, and it is the most in-demand area in the country. Riga is a stable option for those looking to rent or for resale potential. Some of the most popular neighbourhoods include:

• Old Town (Vecrīga)
• City Centre (Centrs) & Art Nouveau District
• Miera Street (Miera iela)
• Mežaparks
• Āgenskalns

Jurmala

Jurmala is Latvia’s premier seaside resort and attracts seasonal visitors, wellness tourists, and high-end buyers. Property prices are higher than the national average, but short-term rental demand is very high, particularly in summer. Jurmala suits buyers looking for holiday rentals or lifestyle-driven investments near the coast.

Liepāja

Located on the western coast, Liepāja offers a balance between affordability and coastal living. The city has a growing cultural scene and steady local rental demand.  Liepāja is ideal for buyers seeking lower entry prices with long-term rental potential rather than tourism-heavy returns.

Daugavpils

Daugavpils is Latvia’s second-largest city and offers one of the most affordable property markets. Prices are significantly lower than in Riga and coastal regions. Daugavpils is perfect for buyers focused on budget-friendly investments or personal homes in a quieter environment. 

Cost of Property in Latvia

Here is a breakdown of the average property prices in Latvia by city:

How does the property market in Latvia compare to other EU countries? 

While Portugal, Spain, and Greece have larger markets and higher overall property values, Latvia’s growth rate and affordability make it an attractive alternative for investors looking for both rental income and high appreciation. Here is a breakdown of the Latvia property market vs other EU countries:

Property Taxes in Latvia

When you buy or own property in Latvia, there are a few key taxes to be aware of:

• Residential property tax: 0.2% for properties up to €56,915, 0.4% for €56,915–€106,715, and 0.6% for anything above €106,715.
• Land and commercial property tax: 1.5% of the property’s value each year.
• Property transfer tax: 3.75% of the higher of the purchase price, cadastral value, or mortgage valuation.
• Capital gains tax: 20% on profits from selling property.

Exemptions: You won’t pay capital gains tax if the property was your main home for at least 12 months, or if you’ve held it for over 5 years and reinvest the proceeds into another Latvian property within a year.

Advantages of Buying a Property in Latvia 

Here are the advantages of buying a property in Latvia: 

1. Affordability: Compared to many other European countries, Latvia offers many more affordable options, while still having fantastic amenities and quality of life.  
2. Business-friendly tax system: Tax in Latvia is considered relatively low compared to other European countries, with corporate tax remaining low and tax exemptions for reinvesting profits.  
3. Growing property market: The Latvian real estate market has seen steady growth, and predictions are showing the same, with the demand for commercial and residential properties increasing.  
4. EU membership: Latvia forms part of the European Union, offering investors stable and secure investment opportunities. Those with a Latvian passport can also travel freely throughout the EU, making it ideal for multinational businesses.  
5. Digital nomad friendly: Latvia is extremely welcoming to digital nomads and freelancers, inviting remote workers to experience all this beautiful country has to offer on a temporary residency permit. Hungary remains a popular option among digital nomads, with our 2025 Global Digital Nomad report ranking Hungary at 16th, with a total score of 88.04. 
6. Fantastic rental market: Latvia is seeing a serious boom in the long- and short-term rental market,  with potential yields between 7.9% and 8%. This makes rental properties ideal for property owners who want to see a return on their investment.

Pitfalls of Buying Property in Latvia  

While there are fantastic benefits to buying property in Latvia, it’s important to understand the disadvantages too: 

1. Non-EU/EAA restrictions: Citizens of the EU have no restrictions on buying property in Latvia. However, Non-EU/EAA citizens may be limited on the types of property they can buy, and fees may be higher depending on the nationality and various requirements.  
2. Legal considerations: It’s important to understand that the Latvian legal system may be very different from your home country. Obtaining a lawyer in Latvia is the safest way to ensure you understand the legal aspects and what you are liable for when buying a property.  
3. Limited financial options: Foreign nationals may find it difficult to obtain funding to buy property in Latvia. Non-residents are often required to put forward larger deposits, and requirements may be stricter. 

Is Latvia a good place to buy property? 

Absolutely, Latvia is a fantastic place to buy property for foreign investors. The rental and sales markets have seen significant increases in recent years, and there are no signs of it slowing down. Plus, with lower property prices, Latvia is far more investor-friendly for lower incomes that may not be able to afford major cities in Europe.  

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments. 

We guide you from start to finish, taking you beyond your citizenship or residency by investment application. 

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