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 |
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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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