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Latvia: House Prices, Rents, and Rental Yields

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Last Updated: Nov 24, 2006

Poor yields in Riga

Last Updated: Nov. 24, 2006
RIGA - City Centre COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
50 sq. m. 150,000 600 4.80% 3,000 12.00
75 sq. m. 230,000 950 4.96% 3,067 12.67
100 sq. m. 290,000 1,270 5.26% 2,900 12.70
140 sq. m. 440,000 1,750 4.77% 3,143 12.50
180 sq. m. 530,500 2,400 5.43% 2,947 13.33
RIGA - Suburbs1
60 sq. m. 155,000 675 5.23% 2,583 11.25
100 sq. m. 270,000 1,160 5.16% 2,700 11.60
170 sq. m. 428,500 n.a. n.a. 2,521 n.a.
1 Jurmala City, and the green areas of Mezaparks and Jugla
Source: Global Property Guide

Gross rental yields in Riga are low at around 4.77% - 5.43%. But this is actually relatively subdued, by Eastern European standards, reflecting the fact that Latvia has long been a favorite of foreign buyers and that therefore a certain amount of growth is already ‘in the price’.

Rents in residential districts are climbing, due to the insufficient supply of rental apartments. Even underground parking is expensive – in the exclusive mew project “Ridzenes residence” underground parking costs €40,000.

 

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