Latvia (LV)
Latvia is a parliamentary republic and EU member state on the eastern shore of the Baltic Sea, bordered by Estonia, Lithuania, Russia, and Belarus.
Buying Property in Latvia
The full buying process, transaction costs, mortgage, and legal requirements.
Latvia's property market has seen significant price appreciation in recent years, particularly in Riga, driven by low supply of modern housing, increased demand from diaspora returnees, and investment from Baltic and Nordic buyers. EU/EEA and Swiss nationals can buy all types of property in Latvia without restriction. Non-EU nationals can freely purchase urban residential and commercial property (apartments, houses, commercial buildings) but face restrictions on buying agricultural land, forest land, and properties in certain border zones. Citizens of Russia and Belarus face nationality-based restrictions as of 2026, with only limited exceptions for permanent residents purchasing a single dwelling. All property transactions must be certified by a sworn Latvian notary and registered in the Zemesgrāmata (Land Registry) to have legal force — only registered rights are enforceable. The property market is transparent and well-regulated. Homeownership in Latvia is approximately 84% — one of the highest in the EU — though this includes many Soviet-era properties that are technically owned but in poor condition.
Rent vs. Buy
For most expats in Latvia: renting for the first 1–2 years is recommended to assess different neighbourhoods and confirm long-term residency plans. Riga's rental market is active, and renting allows you to compare areas (Centrs, Teika, Ziepniekkalns, Purvciems, Imanta) before committing. Buying makes increasing sense for those staying 5+ years: Riga rental yields are around 4–6% gross, prices have been appreciating in modern developments, and transaction costs are relatively low (approximately 4.5% total). The notary-led buying process in Latvia is well-regulated and relatively straightforward for EU buyers. Non-EU buyers should confirm land category restrictions with a local lawyer before making an offer.
Buying Process — Step by Step
Property search and selection
1–8 weeksSearch ss.lv (largest Latvian classifieds site), city24.lv, re.lv, and agency websites. Visit properties and assess condition carefully — many Soviet-era buildings (sērijveida mājas) have significant communal infrastructure costs, ongoing renovation levies, and mandatory building reserve fund contributions. Check the building technical documentation (technical passport) and any outstanding communal debt before proceeding.
Verify property in the Zemesgrāmata (Land Registry)
Before making any offerBefore signing anything, verify the property ownership, encumbrances, mortgages, easements, and any legal claims in the Zemesgrāmata (zemesgramata.gov.lv). This is a public database — anyone can search it. Confirm: registered owner matches the seller, no undisclosed mortgages or restrictions, and the land category (to confirm it is accessible to non-EU buyers if applicable). This step is critical — signing in the Zemesgrāmata is what makes your ownership legally enforceable.
Negotiate and sign a preliminary agreement (Priekšlīgums)
1–2 weeksAgree on price and terms. Sign a preliminary purchase agreement (priekšlīgums) — this may be done in writing or before a notary. The buyer typically pays a deposit of 5–10% at this stage, which is forfeited if the buyer withdraws without a valid contractual reason. For non-EU buyers, have a Latvian lawyer review whether the property type is unrestricted (urban residential/commercial) or restricted (agricultural/forest land).
Arrange mortgage financing (if applicable)
2–4 weeksApply for a mortgage at Swedbank, SEB, Citadele, or Luminor. Mortgage rates in Latvia in 2026 are structured as EURIBOR (6-month, approximately 2.1%) plus bank margin (approximately 2.2%) — resulting in typical variable rates of approximately 4.3%. Fixed-rate products are available for 1–5 year periods. EU residents with Latvian income: standard deposit 20%. Non-residents or those with only foreign income: typically 30–40% deposit required. ALTUM state guarantees (up to EUR 20,000) are available for certain buyer categories.
Sign the purchase agreement before a sworn notary
1–3 days once all documents are readyThe final purchase agreement (pirkuma-pārdevuma līgums nekustamajam īpašumam) MUST be signed before a Latvian sworn notary (zvērināts notārs). This is mandatory by law — a property purchase agreement not certified by a notary cannot be registered in the Zemesgrāmata. The notary verifies identities, confirms title is clean, reviews the agreement, certifies the transaction, and submits the registration to the Zemesgrāmata. Find a notary at notari.lv — Riga appointments can often be booked online.
Pay Land Registry state duty and complete registration
1–5 business days for registrationPay the Zemesgrāmata state registration duty: 1.5% of the purchase price for individual buyers (regardless of whether it is a first or subsequent property — legal entities pay 2%, capped at EUR 50,000). For the Latvia Golden Visa real estate investment (minimum EUR 250,000), an additional 5% of the purchase price is paid to the state budget. The notary collects and remits the state duty. The Zemesgrāmata registers the new ownership within 1–3 business days.
Transaction Costs
| Cost Item | Amount | Notes |
|---|---|---|
| Land Registry state duty (valsts nodeva) | 1.5% of purchase price (individuals); 2% for legal entities (capped at EUR 50,000) | Paid at time of registration. Latvia Golden Visa purchases (EUR 250,000+) require an additional 5% state budget payment. Calculate at zemesgramata.gov.lv. |
| Notary fee (notāra atlīdzība) | Approximately 0.1–0.5% of purchase price (regulated scale), minimum approx. EUR 100 | Notary fees are regulated by Cabinet Regulations. Check the fee calculator at notari.lv before budgeting. |
| Real estate agent commission | 2–4% of purchase price (if using an agent) | In Latvia, commission is typically paid by the seller, though arrangements vary. Confirm before engaging an agent. |
| Technical survey (būvtehnikas ekspertīze) | EUR 200–600 for a typical apartment; more for houses | Not legally required but strongly recommended for any property built before 2000, especially Soviet-era panel buildings. |
| Mortgage arrangement fee | 0.5–1.5% of loan amount | One-time fee charged by the bank. Some banks waive or reduce for strong credit profiles. |
| Property insurance (compulsory for mortgaged property) | EUR 100–350/year | Building insurance is required by mortgage lenders. Home contents insurance is separate and optional. |
| Total buyer transaction cost estimate | Approximately 4–5% of purchase price | Land Registry 1.5% + notary ~0.3% + agent (if applicable) 2–3% = approximately 4–5% total. Lower than many Western European countries. |
The Notary — Mandatory for All Purchases
A sworn notary (zvērināts notārs) is legally required for all residential and commercial property transactions in Latvia without exception. The notary: verifies the identities of all parties, confirms the Zemesgrāmata title is clean (no undisclosed encumbrances), drafts or reviews the purchase agreement, certifies all signatures, collects and remits the state Land Registry duty, and submits the registration to the Zemesgrāmata. Only notary-certified agreements can be registered in the Land Registry and thereby legally protect the buyer. Find notaries at notari.lv — Riga notaries accept online appointment bookings.
Mortgage
Latvia's mortgage market is competitive, with Swedbank, SEB, Citadele, and Luminor as the main providers. EURIBOR-linked variable rates are standard (typically 3-month or 6-month EURIBOR plus bank margin). As of 2026, typical variable mortgage rates are approximately 4.3% (6-month EURIBOR ~2.1% + bank margin ~2.2%). Fixed-rate mortgages are available for 1–5 year periods. Banks finance up to 85% of property value for up to 30 years. Special terms are available for energy-efficient buildings (A+/A class), and ALTUM state guarantees (up to EUR 20,000) are available for qualifying buyers.
20% minimum for EU residents with stable Latvian income. 30–40% for non-EU nationals or those without Latvian income history. First-time buyer programmes through ALTUM may allow lower effective deposits with state guarantee support. Energy-efficient (A-class) properties may attract lower margins from some lenders.
EU citizens can buy all types of urban property freely without restriction. Non-EU nationals can buy apartments and urban properties without restriction but cannot buy agricultural or forest land (unless permanently resident in Latvia or operating a registered Latvian company). Citizens of Russia and Belarus face additional nationality-based restrictions as of 2026. Mortgage lending: most Latvian banks require Latvian income documentation. Non-residents or those with entirely foreign income may find it harder to access mortgages — Luminor and Citadele may be more flexible than Swedbank or SEB for non-resident applications.
Land Registry
The Zemesgrāmata (Land Registry — zemesgramata.gov.lv) is Latvia's official and publicly accessible property ownership database. All property ownership, mortgages, easements, rights of way, and ownership changes are recorded here. Signing a purchase contract alone does not make you the legal owner — only registration in the Zemesgrāmata creates enforceable ownership rights (principle of registration). Standard registration processing: 1–3 business days after the notary submits the application. The Zemesgrāmata can also be searched for free at lursoft.lv for additional historical ownership data.
Taxes
Real estate tax (nekustamā īpašuma nodoklis — NIN): annual tax paid to the municipality based on cadastral value. Residential rates in 2026 (Riga and most municipalities): 0.2% on cadastral value up to EUR 56,915; 0.4% on EUR 56,916–106,715; 0.6% above EUR 106,715. Cadastral values are typically significantly lower than market values. Typical annual NIN for a Riga apartment: EUR 100–600. Commercial properties: 1.0–1.5%. Unbuilt urban land: up to 3%. To qualify for the residential (lower) rates, at least one person must be declared as resident in the property as of 1 January of the tax year. Capital gains on property sale: taxed as personal income (20–31% depending on bracket) if not exempt. Exemption: property held as primary residence for at least 12 months before sale qualifies for capital gains tax exemption on the first sale. Investment/rental properties: capital gains are taxable — consult a Latvian tax adviser (VID — vid.gov.lv).
New Build vs. Existing Property
New build (jaunceltne): higher quality, modern energy standards (often A-class), warranty period (2 years minimum under Latvian law), lower communal costs, but more expensive (EUR 2,000–4,500/m² in Riga centre for new projects). VAT (21%) applies to new builds sold by a developer within the first 2 years of completion. Existing (otrreizējais tirgus): lower price per m² but may require renovation. Soviet-era panel buildings (sērijveida mājas — "series buildings") can have high communal costs, mandatory building reserve fund contributions, and looming large-scale renovation assessments. CRITICAL: check the building's technical passport, communal account balance, and any upcoming renovation levies before buying in an older building.
Selling Property
To sell property in Latvia: (1) obtain a current property valuation (nekustamā īpašuma vērtēšana) from a licensed appraiser if needed for pricing; (2) the sale requires a notary-certified agreement and Zemesgrāmata registration of the new owner; (3) capital gains tax: exempt if the property was your primary residence for 12+ consecutive months before sale; taxable at 20–31% if it was an investment property. Declare any taxable capital gain in your annual income declaration with the State Revenue Service (VID — vid.gov.lv). Estate agents market properties on ss.lv and city24.lv. Typical selling timeline in the Riga market: 1–6 months.
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