News: Latvia: Real estate market and residency permits

One of the incentives for developing construction and real estate market are residence permits, which can be acquired by foreign citizens by purchasing real estate in Latvia. When non-residents buy real estate, the demand for new building is increased, as well as the need to restore old buildings. If government will formulate the national development vision, new project will be realized, new roads and bridges will be built and we will see the advancement in construction sphere. In general real estate market in Latvia for non-residents is quite available.
Real estate market and especially apartment market stepped up in Ventspils. More people were attracted by tourism business and started to rent their real estates for non-residents.

Business is aimed for attracting foreign tourists. Ventspils is always an attractive tourism destination, where modern port, innovative plants and beautiful beach are peacefully coexisting, which is approved by Blue banner since 1999. Accordingly tourism is really significant for the economy of Ventspils. Lithuanians have noticed all the benefits of tourism sphere in Ventspils, accordingly they buy and rent apartments there.

On the one hand the interest of benefiting from tourism also has negative effect, because it becomes harder for locals to find apartments. On the other hand, non-residents that have bought apartments in Ventspils but do not live there have broad opportunities to rent them, thereby ensuring management and maintenance of their real estate. Most active foreign participants of real estate market are non-residents from Lithuania and Russia.

Please contact us if you require further consultations in respect to EU residency and immigration.