Riga and its metropolitan area is the largest economic, financial and cultural center in Latvia and the Baltic region, attracting up to 90% of all investment in Latvia.
Characteristics of real estate in Riga
The city and the surrounding area offer a wide range of opportunities for renting or buying modern real estate. There are also ample opportunities to acquire land and buildings to develop them for specific needs, either with their owned resources or in cooperation with experienced and acclaimed real estate developers.
Riga boasts outstanding examples of successful cooperation between the city, property developers and businesses in the industrial, warehousing, logistics, office, retail, hotel and rental sectors. The rapid development of the city over the next decade and the available properties for further growth in these sectors create the basis for new players to enter the region.
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Support from Riga City Council
- Riga Investment and Tourism Agency
- Property tax incentives
- Green Channel
- Workcation Riga program
- Riga Reality Model
Main sectors of real estate development in Riga
- Office space
Most newly completed projects and A-class office developments currently in progress are certified according to sustainable construction standards such as BREEAM and LEED, contributing to the city's sustainable development.
In 2024, Riga's office market had the highest yield among the Baltic capitals while maintaining the lowest monthly rental rates, making it an attractive destination for investors. A positive trend has been observed in recent years, with tenants willing to sign lease agreements for office buildings still under construction.
- Industry, warehousing, logistics
The supply and development of industrial spaces in Riga focus on properties built to order. Meanwhile, speculatively developed industrial projects are being occupied relatively quickly due to growing demand and the rapid development of infrastructure projects.
The average prime yield rates for industrial properties in Riga have remained stable. In 2023, 7% of the total investments in Latvia's real estate market were made in the industrial segment.
- Retail
Riga is an ideal location for retail investment as the city boasts easy accessibility, attracting shoppers from all over the country and the Baltics. The city holds some of Latvia's most extensive shopping and entertainment centres, and people from all over the country come to Riga to shop, dine and enjoy entertainment.
- Residential space
Demand for residential space in Riga’s real estate market has far exceeded supply in recent years, especially for housing in new projects. In the most sought-after neighborhoods, economy class apartments are mostly reserved already before the buildings are put into use.
Major companies
Agencies represented by international networks:
Local agencies:
Useful links:
- Alliance of Real Estate Developers (NĪAA)
- Investment and Development Agency of Latvia (LIAA)
- Informative materials (LIAA)
- Real estate market reviews (CBRE)
- Real estate market reviews (Colliers)
- Real estate market reviews (Newsec)
Contacts:
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Arnis Pūciņš, tel. +371 25544747, e-mail: Arnis.Pucins@riga.lv