Irina Alazova, the CEO of Mercury Group Limited, a Latvian real estate company, said that starting in 2015, it became “almost impossible to get mortgages,” after the government tightened lending restrictions. “Real estate is very active in Latvia at the moment,” Ms. Alazova said. It is time to buy if the one takes real estate as investment.”Riga’s market is now “characterized by growth in all segments,” Ms. Fridenberga said. According to an Ober Haus report, the price for new apartments in Riga’s center and Old Town at the end of 2020 ranged from $197 to $438 a square foot, going up to $548 to $767 a square foot for luxury units. New apartments in other areas of the city were going for $170 to $230 a square foot, while Soviet-era apartments remained much more affordable, Ms. Fridenberga said, adding that buyers typically prefer new construction.

Source: International New York Times September 01, 2021 13:30 UTC