Since the liberation of the Baltic states, since the countries of the Baltic (including Latvia) regained their independence, there has been nothing short of a remarkable building boom in every major urban center in the region. In addition, there is far more activity by foreign nationals in the Latvian real estate market.
Historically, foreigners paid premium The Myst Condo Price prices — due to additional taxes and other charges and assessments — when it came to purchasing real estate in Latvia. However, beginning the mid-1990s, the Latvian government took what amounted to rather drastic steps to eliminate the monetary penalties that accrued to foreign investors who were interested in purchasing real estate in that country. In today’s Latvia, a foreign national essentially stands in the same shows as a Latvian citizen when it comes to the purchase of real estate, when it comes to the costs associated with buying real estate in Latvia.
Investment Property in Latvia
One of the most significant changes that has occurred in the Latvian real estate market since the turn of the century, since the dawn of the 21st century, has become the heavy activity of foreign nationals in that particular real estate marketplace. At the present time, foreign nationals heavily are involved in the development and ownership of real estate projects and enterprises throughout Latvia. Foreign investors in the Latvian real estate market have initiated fairly significant development projects in all of the major urban centers in the country as well as in some more remote and rural areas as well. In this process, many foreign nationals from different countries around the world have begun to realize some very significant profits from these real estate ventures.
Most real estate analysts predict that the number of foreign investors who are actively participating in the Latvian real estate market will continue to increase over the course of the coming two decades. There remains much development and modernization to undertake throughout the country — and a seemingly bottomless number of foreign nationals who are interested in diving into the Latvian real estate game not only today but well into the future .
Many foreign nationals have taken to purchasing single family residents in different parts of the country. Indeed, many of these foreign real estate buyers are purchasing older, quaint properties. Throughout the country, there truly are some magnificent older properties on the market.
With that said, and considering the age of this type of real estate, foreign nationals strongly are encouraged to undertake a very thorough structural assessment of these types of properties before they invest in them. Once a buyer enters into a sales agreement for real estate, the concept of “buyers beware” really does enter into the equation in Latvia. Truly, it is the responsibility of the buyer to make certain that the real estate he or she is purchasing is in sound and stable condition. In Latvia, a buyer really does take the property in the condition it is in — including hidden defects — unless the seller has engaged in serious fraudulent conduct in hiding different negative aspects of the property .