Buying property in Latvia as a UK foreigner in 2026

Thinking of buying property in Latvia? Perhaps you’re swapping the London fog for a chic Riga apartment, or maybe you’ve just realized that Latvian real estate costs about the same as a parking space in Westminster.

Whatever your plans, we’re here to help you navigate the paperwork without the headache. This guide covers everything from current 2026 property prices to avoiding the common pitfalls of buying abroad.

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Table of contents

Can UK foreigners buy property in Latvia? What’s the real estate market like in Latvia? How to search for a property in Latvia How to buy property in Latvia as a foreigner - a step-by-step guide Fees and costs of buying property in Latvia Risks and pitfalls of buying property in Latvia Moving into your Latvia property Save on currency conversion fees with Wise when buying property in Latvia Key takeaways

Can UK foreigners buy property in Latvia?

Yes, UK citizens can buy property in Latvia. However, there are some restrictions on what you can buy if you’re not a Latvian local or EU national.

You can freely buy, own and sell houses, apartments and holiday homes, but there are restrictions on foreigners owning certain types of land. You may not be able to buy rural, agricultural or forest land without applying for special government approval.¹

This is why it’s really important to use a qualified solicitor to carry out due diligence checks before buying property in Latvia, to make sure you won’t encounter any obstacles.

There may also be additional costs to pay as a foreign buyer, especially if you need to have documents translated or use a specialist broker to find a mortgage.

📚 Read more: Selling property abroad and bringing money to the UK

Can you buy real estate and get residency?

Latvia is like many countries in Europe and worldwide which has a Golden Visa programme. This allows non-EU nationals a temporary 5 year residence permit if they make a qualifying investment in the country.²

Alongside investments in business and government bonds, and bank deposits - you can also qualify for a Latvia Golden Visa if you buy Latvian real estate worth at least €250,000 EUR. As long as you don’t sell it for at least 5 years, you can keep your visa and live in Latvia.²

📚 Read more: Countries that offer citizenship by investment visa

What’s the real estate market like in Latvia?

The Latvia property market is looking pretty robust at the moment, with residential house prices rising by 6.74% in the second quarter of 2025, compared to the year before.³

Demand for properties is growing. In the first half of 2025, activity in Riga’s new residential projects surged by 31% versus H2 2024 (and by 46% versus H1 2024)..³

Construction activity has really picked up over the last few years, surging by 48.3% in 2024 compared to the previous year.³

While these are all signs of a healthy real estate market, it could mean that you’ll face stiff competition and higher prices as a buyer. You may need to move fast and pay a little more to secure your dream home.

Is property a good investment in Latvia?

Latvia is considered to be a good place to buy property abroad, but there are still some pros and cons to consider.

Pros:

• Affordability - Latvia has some of the lowest property prices in Europe,³ even taking recent price rises into account
• Opportunity to gain residency - spend €250,000 EUR on qualifying real estate (and meet other conditions) and you could be granted a 5-year residency permit under Latvia’s Golden Visa programme
• Good rental potential - across the country, rental yields for apartments range from 4.29% to 9.86%, with a national average of 7.89%.³
• The cost of living in Latvia is much lower than the UK and many parts of Europe, so your money goes further.

Cons:

• Restrictions - as non-EU nationals, UK buyers may face restrictions or extra conditions in order to buy land in Latvia
• Underdeveloped rental market - while this may present an opportunity for some buy-to-let investors, the fact that many rental properties in Latvia are Soviet-era housing may also mean significant renovation costs.³
• Mortgage conditions may be stricter and harder to meet for foreign applicants, and you may need a larger deposit.

📚 Read more: The best UK banks for sending money abroad

How much are the property prices?

So, how much is property in Latvia? This is an essential thing to know as you set your budget and start your search.

Generally speaking, Latvian property prices are between 49% and 60% lower than in the UK,⁴ depending on whether you buy inside or outside of a city centre. It’s also much cheaper than many other European countries.

If you're wondering where to buy a house in Latvia, here are the average property prices per square metre in a few of the country’s major cities:³

City	Average property price (per sq.m)
Riga	€863 EUR
Ogre	€871 EUR
Salaspils	€835 EUR
Jelgava	€758 EUR
Kauguri, Jūrmala	€812 EUR

However, it very much depends on exactly what and where you buy, along with other factors.

Many UK expats buy in Riga, the country’s capital. Here, most apartment sales fall within the region of €100,000 to €150,000 EUR.³

And, if you’re arranging your property purchase from the UK, you’ll need a safe, reliable and preferably low-cost way to send over fees, deposits and other payments.

The Wise account could be a great solution, with transparent, low fees, and multiple layers of security, so you can safely transfer large amounts both in the UK and overseas.

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Where is the cheapest place to buy property in Latvia?

If you’re looking to snap up a bargain, you’ll need to head outside of Riga - where unsurprisingly, property prices are the highest.

Cities such as Jelgava offer affordable property prices, along with Daugavpils in Eastern Latvia. You may also want to look at smaller towns, or search for properties in the countryside (although bear in mind that there are restrictions on foreigners buying rural land).

Best places to buy property in Latvia

The best place to buy property in Latvia all depends on why you’re buying. If you’re looking to live and work there, a major city like Riga offers all you could want in terms of lifestyle, job opportunities, amenities and connections to the rest of Europe and the UK. It also has a large expat community.

You can also consider the country’s second-largest city Daugavpils, where property prices may be more affordable.

If you’re looking for a holiday home or a holiday let, the seaside resort town of Jurmala could be worth a look. Liepāja on the western coast of Latvia also offers good rental potential.

Wanting to retire abroad? The towns of Sigulda, Cēsis and Kuldīga are all known for their picturesque natural surroundings, outdoor living opportunities and relaxed lifestyles.

How to search for a property in Latvia

If you’re new to the Latvian property market, it could be worth using a specialist real estate agent to help you find the right property. They’ll have knowledge of the local market, as well as the rules and restrictions for foreign buyers. This service is likely to come with a fee, however.

You can also start the search online yourself, using one of these Latvian property websites and portals:

• Properstar
• City24.lv
• Varianti
• Sotheby's International Realty (Latvia)
• Rightmove Latvia

What to check before you buy

The most important thing to check when searching for property to buy in Latvia is whether you are allowed to buy it as a foreign national. Remember that purchases of land designated as agricultural, rural or forest is restricted, and you may need special permission to buy it.

You may also want to have a building survey carried out. While not mandatory, this could help to flag up any structural or other issues which could be expensive to fix.

How to buy property in Latvia as a foreigner - a step-by-step guide

Now, let’s run through the steps involved in buying property in Latvia as a foreigner:

1. Get your finances in order

Before you do anything, it’s a good idea to get your finances sorted. This means setting a budget, getting a mortgage offer (approval in principle) and getting all your paperwork together.

You’ll also need to open a Latvian bank account, as this is required for transactions related to property and mortgages.

2. Find a property and arrange viewings

Now it’s time to start searching for your dream home. You can use online property portals and/or local estate agents to find properties.

If you’ve found somewhere you like, arrange a viewing as soon as you can, and start researching the area in the meantime.

3. Make an offer

The next important step is to submit a competitive offer to the estate agent, or to the buyer directly. You can negotiate, just like in other countries. Once an agreement is reached, a notary will summarise the offer in writing.

4. Appoint a solicitor

While it’s not mandatory, it’s a good idea to find and appoint a property lawyer. They will check over and translate all documents and contracts, as well as carrying out due diligence on the transaction.

A personal recommendation is a good way to find a solicitor, but you can also find a list of English-speaking property solicitors on the UK Government website.

5. Sign the preliminary agreement and pay the deposit

If your offer is accepted, the next step is for both parties to sign the preliminary agreement. You’ll also arrange a transfer for the deposit, which is usually around 10% of the purchase price.

At this stage, you might want to contact your mortgage provider to finalise the financing for your purchase.

6. Due diligence

This crucial step involves asking your solicitor (or using a notary) to check the legal aspects of the sale in detail. They’ll need to check for encumbrances, check contracts, verify the property title and ensure you’re legally allowed to buy the property as a foreign national.

If municipal permission is needed to buy land, your solicitor can help to do this at this stage.

7. Get a survey

While due diligence checks are being carried out, you might want to book a building survey. This involves hiring a surveyor to check the property for structural or other issues.

If the survey flags anything up, you may be able to re-negotiate on price.

8. Sign the final purchase contract

This is the final crucial piece of paperwork, and it must be formally signed by both parties.

Ownership of the property will be registered in your name in the Land Book and you’ll receive an official ownership certificate.

At this stage, you’ll need to transfer funds to pay the final balance and pay all taxes and fees. Consider using the Wise account here to convert your pounds to euros, avoiding hidden fees and getting the mid-market exchange rate.

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How long does it take to buy a property?

Buying property in Latvia is a pretty quick process, which on average takes around 2 to 4 weeks.⁵ However, securing a mortgage can add extra time, so it’s best to get the paperwork sorted for this as early as possible.

📚 Read more: How to transfer large amounts of money from the UK

Fees and costs of buying property in Latvia

Here are the main fees and taxes for buying property in Latvia, which you’ll need to factor into your budget:⁶

Fee/tax	Amount
Stamp duty (Land Register)	1.5% to 2%
VAT (only for new builds)	21%
Notary fees	0.6%
Legal fees	Varies, depending on the legal services you use
Mortgage valuation	€150 to €300 EUR⁷

It’s also worth knowing that if you successfully apply for the Latvia Golden Visa through real estate investment, you must also pay a state fee of 5%. This means an extra cost of €12,500 EUR for a property worth the minimum required value of €250,000 EUR.²

Taxes and fees for owning property

Once you’ve bought your Latvian property and paid all those initial costs, you’ll also have some ongoing fees and taxes to cover as a property owner.

This includes annual property tax, which amounts to around 0.2% to 0.6% of the cadastral value of the property. This may be around €100 to €500 EUR a year.¹

If you rent out the property, you may also pay personal income tax as a landlord. Rates can be quite high, up to 25.5% depending on your income bracket.¹

Loans and mortgages for non-residents

Banks in Latvia do offer mortgages to foreign nationals and non-residents.

However, bear in mind that foreign buyers tend to face stricter lending criteria, and you may only be able to borrow between 50% and 75% of the total property value.¹ This means you’ll need a larger deposit.

For your best chance of getting a mortgage in Latvia, try foreigner-friendly banks such as Swedbank, SEB, Citadele and Luminor.

Risks and pitfalls of buying property in Latvia

One of the main things to watch out for when buying property abroad are scams.

To avoid these, it’s strongly recommended to work with qualified and credible professionals such as real estate agents and solicitors. Ideally, you should also check for membership of a professional body when working with any property experts, brokers or agents.

Other important things to remember include the following:

• Be cautious and do your homework (including meeting or speaking to the seller) before sending money or a deposit.
• Hire a solicitor and do as much due diligence as possible - including ensuring that the seller has the legal right to sell the property.
• Visit the property in person (don’t rely on online listings alone)
• Get an inspection/survey carried out if you have any concerns about the property.

Moving into your Latvia property

Before you can get the keys to your new home, you’ll have a final few tasks to check off your list.

Insurance

It’s strongly recommended to take out a buildings insurance policy starting from your completion date. In fact, you might find it's a mandatory condition of your mortgage offer.

Setting up utilities

If you know when your completion date will be, it makes sense to get some essentials set up in advance of moving in.

A prime example is utilities, such as heating, power and water. Get these sorted as early as you can, and the moving process should be a little smoother.

Energy efficiency renovations

If you’ve bought an older Latvian property, you might want to make some energy efficiency improvements to it. For example, upgrading the insulation, replacing the windows or installing a new heating system.

Save on currency conversion fees with Wise when buying property in Latvia

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Key takeaways

• UK citizens can freely purchase houses or apartments, but you must obtain special government approval to buy agricultural, forest, or rural land.
• You can qualify for a five-year residency permit (Golden Visa) by investing at least €250,000 in Latvian real estate, provided you hold the property for five years.
• Latvia offers some of Europe's lowest real estate prices. For standard‑type apartments, recent averages were around €758 in Jelgava and €863 in Riga (Aug 2025). Prices for new builds and central locations can be significantly higher..
• You should budget for various closing costs, including a 1.5% to 2% stamp duty, a 0.6% notary fee, and a 21% VAT specifically for new-build properties.
• Foreigners can access local mortgages through banks like Swedbank or SEB, though lenders typically require a larger deposit of 25% to 50% of the property value.

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Sources used:

1. Investropa - Buying and owning a property as a foreigner in Latvia (January 2026)
2. Nomad Capitalist - Latvia Golden Visa: Requirements, Benefits, and Investment Options
3. Global Property Guide - Latvia's Residential Real Estate Market Analysis 2025
4. Numbeo - Cost of Living Comparison Between United Kingdom and Latvia
5. Investropa - Buying property in Latvia in 2025: worth it?
6. Immigrant Invest - Property Investment in Latvia as a Foreigner
7. City Star - Home buying guide in Latvia: from dream to keys

Sources last checked 12-Jan-2026