Riga Real Estate: Apartments in the Baltic Capital

Vecrīga (Old Riga) is a UNESCO-listed medieval core of cobbled streets, with few residential units and tourist-oriented rentals. The Centrs district, around Alberta iela and Elizabetes iela, has some of Europe's finest Art Nouveau buildings. Āgenskalns on the left bank has wooden houses and a market, Teika and Mežaparks are leafy and residential, Ķīpsala is a riverside island with modern apartment blocks, and Pārdaugava districts have cheaper Soviet-era housing. Riga airport serves airBaltic and low-cost airlines with flights across Europe.

Buyers include locals, expatriates from Scandinavia and Western Europe, investors seeking rental yield and relocating professionals. Winters are long and cold, so heating costs and building insulation matter: check district heating arrangements and whether the building has been renovated.

Foreigners may buy apartments and houses in Latvia, though there are restrictions on agricultural and forest land for non-EU citizens, and for buyers from Russia and Belarus. A state duty of about 2% on the transaction value is payable on the property's registration, with a cap, plus notary fees and a land-book fee. A notarised deed and registration in the Land Register are required.

Residence permits linked to property were tightened several times, and property no longer qualifies for new permits from 15 September 2026; verify with the Office of Citizenship and Migration Affairs. Banks do lend to non-residents in some cases, with 30-40% down; see our Latvia financing page, the buying guide, and the mortgage calculator. Property tax is levied annually based on cadastral value and, from recent reforms, rates differ by use.

A large share of Riga's apartment stock is either Soviet-era housing (series buildings from the 1960s to 1980s) or pre-war buildings, and condition varies enormously. Renovated Art Nouveau flats command a premium but may have high ceilings that increase heating bills; panel blocks are cheaper to buy and run but offer less character and sometimes poor sound insulation. New-build developments, especially in Pārdaugava and along the river, come with underground parking and modern energy ratings.

Rental demand comes from locals, students, and foreign workers in IT, finance and shared-service centres. Gross yields in Riga have historically been higher than in most western European capitals, but you should deduct management, vacancy, repairs and tax. Use our valuation tool to cross-check prices and the contact page if you want introductions to local lawyers or property managers.

The beach resort Jūrmala is half an hour west, Mārupe is a growing suburb by the airport, and Liepāja is a port city on the Baltic coast. The Latvia page gives the full picture.