More Buyers Than Properties
Interest in high-end real estate in Latvia continues to grow. Last year, the total value of transactions increased by 19%, reaching €551.2 million. At the same time, truly exclusive homes and apartments are becoming increasingly difficult to find, as the supply of high-end properties remains very limited.
- High-end real estate refers to top-tier properties distinguished by rare characteristics, such as exceptional locations, outstanding construction quality, advanced engineering solutions, and an exceptional level of comfort.
- Premium real estate offers prestigious locations, high construction standards, contemporary architecture, and an elevated level of comfort.
- Luxury real estate is defined by uniqueness, rarity, exceptional locations, privacy, and features that are virtually impossible to replicate or replace.
Despite inflation, rising living costs, and more cautious buyer sentiment, Latvia’s premium real estate market continued to expand. According to the latest research by Latvia Sotheby’s International Realty, sales increased across all key segments in 2025, including apartments, private houses, and land plots in Riga, Jūrmala, and the Riga region.
Riga accounted for the largest share of transactions, followed by the Riga region and Jūrmala. Over the course of the year, Latvia Sotheby’s International Realty completed 337 transactions with a combined value of €70 million, including 206 sales and 131 rental agreements. The highest-value properties were located in Riga and Jūrmala.
Who Buys Luxury Homes?
The majority of premium real estate buyers in Latvia are between 30 and 49 years old. For this group, the key priorities are housing quality, location, and comfort. Most transactions (77%) are completed without a mortgage, while nine out of ten buyers are private individuals. At the same time, the share of international buyers has increased to 28%.
Among sellers and landlords, the market is almost evenly split between private individuals and companies, accounting for 54% and 46%, respectively. Most sellers are aged 40 to 59, and nearly 80% of properties belong to local owners.
While buyers are increasingly starting their property search on platforms such as SS.COM and City24.lv, referrals remain by far the most important source of clients. Around 85% of buyers contact the agency based on recommendations from friends, family, or business associates.
Why Buyers Have Become More Active
According to Ilze Mazurenko, Head of Latvia Sotheby’s International Realty, falling Euribor rates and lower mortgage interest rates—which dropped to just above 4% by the end of the year—helped bring buyers back to the market.
“Many buyers adopted a wait-and-see approach in 2023 and 2024. As financing costs declined, they returned to their home-buying plans, and by the second, third, and fourth quarters we saw a significant increase in market activity,” she says.
Another factor has been the shrinking supply of completed homes, particularly in new residential developments. Many apartments and houses are now reserved during the construction phase, with buyers willing to wait one to two years for completion.
At the same time, the secondary market has also become more active. Buyers are increasingly choosing renovated pre-war buildings as well as modern residential developments that offer the best balance between price and quality.
When selecting a home, buyers are placing greater emphasis not only on price, but also on location, architecture, construction quality, and the opportunity to move in immediately.
Apartments Lead the Market
For those looking to live in the city, Riga remains the top choice, particularly districts with well-developed infrastructure, restaurants, cultural venues, and convenient access to workplaces. In the Riga region, buyers are increasingly searching for spacious family apartments, making it the fastest-growing market. Jūrmala remains the most exclusive destination, attracting buyers seeking luxury seaside properties. Premium land plots remain scarce, meaning the most attractive opportunities are typically sold very quickly.
Apartments continue to be the most sought-after asset in Latvia’s premium residential market. In Riga, the Riga region, and Jūrmala, a total of 2,163 apartment transactions were completed in 2025, with a combined value of €465.4 million, representing a 21% increase compared with the previous year. By comparison, transactions involving private houses totaled €73.4 million, while land plots accounted for €12.3 million.
Growth was driven not only by a higher number of transactions (+25%) but also by an increase in the total floor area sold (+17%).
Developer Kapital, which is building the new premium residential district Blue Marine° Residence in Klīversala, Riga, has already adjusted the project to meet growing demand for spacious four- and five-bedroom apartments. The company sees significant long-term potential in the premium segment and plans to develop several additional residential projects in the area. In total, €160 million is expected to be invested in the new premium neighbourhood in Klīversala.
“Apartments will continue to be the most sought-after and stable segment of Latvia’s premium residential market,” says Ilze Mazurenko.
Demand for premium private houses also remains strong. In 2025, 113 transactions worth €73.4 million were completed across Riga, the Riga region, and Jūrmala. The Riga region recorded the highest number of sales, with 53 houses changing hands, followed by 31 transactions in Riga and 29 in Jūrmala.
Interestingly, despite the difference in transaction volumes, the total value of house sales across the three markets was remarkably similar. The value of houses sold reached €25.5 million in the Riga region, €25.1 million in Jūrmala, and €22.7 million in Riga.
Premium land plots remain in particularly short supply. Only 34 transactions, worth a combined €12.3 million, were completed in 2025. More than half of these transactions took place in Jūrmala, while high-quality development sites continue to attract buyers almost immediately after entering the market.
Sizes and Prices
Most buyers opted for homes priced between €150,000 and €300,000, while properties valued above €500,000 continue to represent a niche segment of the market.
However, this threshold is gradually shifting. Rising prices in new residential developments mean that buyers increasingly need a budget of more than €150,000 even for homes in the mid-premium segment. At the same time, the average price per square metre has remained relatively stable, reaching €2,424 in Riga and €1,853 outside the capital, excluding Jūrmala.
What Buyers Are Looking For
Today’s premium homebuyers are searching for much more than a prestigious address. Construction quality, interior finishes, functional layouts, parking, natural light, and the surrounding environment have become equally important. Buyers also pay close attention to neighbourhood safety, property management, and the overall quality of the residential community.
“The choice is determined not by a specific architectural style, but by lifestyle. For some buyers, a vibrant urban environment and cultural life are essential; for others, proximity to the sea or nature is the priority. International buyers also value convenient access to the airport and major transport connections,” explains Ilze Mazurenko.
The biggest challenge facing Latvia’s premium housing market remains the shortage of genuinely exclusive properties. According to Ilze Mazurenko, Latvia has very few modern, fully completed high-end homes that meet the expectations of international buyers.
“These buyers are prepared to spend €7,000–9,000 per square metre on finishes of the very highest quality. However, they simply cannot find properties that meet those standards.”
According to the expert, the launch of several new premium and luxury residential developments in Riga and Jūrmala over the coming years should help reduce the shortage of high-quality supply.
Strong demand for luxury housing is also reflected in the performance of River Properties. Just ten months after construction began, 85% of apartments in the premium residential project NOBLE in Jūrmala had already been sold. Encouraged by this demand, the developer has launched another luxury residential project, AUGUST, in Bulduri.
According to Ervins Ivanovskis, Head of River Properties, a new trend is emerging in the luxury segment: buyers increasingly value thoughtful architecture, sustainable solutions, and residential environments that blend harmoniously with nature.
“After a long period when luxury was associated with visual impact, scale, and extravagance, the very definition of luxury is changing. Today, luxury is increasingly associated with calm, thoughtfully designed, and aesthetically refined environments that contribute to people’s well-being and health,” he says.
New Premium Projects
Project
Location
Key Features
Heart of Hanza
Riga
A new residential quarter in the Skanste and Hanzas kvartāls area, targeting the urban premium segment.
Nine Pines
Majori, Jūrmala
A boutique project featuring nine residences near the sea and pine forest.
August
Bulduri, Jūrmala
An intimate premium apartment project close to the sea.
Harmony Sky Garden
Vaivari, Jūrmala
A modern residential complex focused on nature, sustainability and a comfortable living environment.
Rezidences UPE
Upesciems, Riga Region
A community of modern private homes for those seeking suburban living close to the capital.
Blue Marine Residence
Klīversala / Āgenskalns, Riga
A premium waterfront residential project with 92 apartments, terraces and balconies, combining water views with modern urban comfort.
Centrus
Riga Centre
A new premium quarter in Riga’s historic centre with five residential buildings, 142 apartments and commercial spaces, close to restaurants, cultural venues and urban amenities.
