Property News

Latvia bracing for influx of Russian buyers

Latvia is experiencing a wave of Russian property buyers following the recent adoption of a new law that allows citizens from outside the European Union to apply for five-year residence permits if they invest at least ?140,000 in Riga or ?70,000 anywhere else in the country.

Since the new ruling came into force in July, there have been 150 applicants for overseas property purchase permits from Russia citizens.

Vestards Rozenbergs, co-owner of Baltic Sotheby's International Realty in Riga, said that the number may seem relatively small but it remains "significant" for a city that has around 800,000 residents and a country with a population of only 2.2 million in total.

Rozenbergs added that the company is also expecting to see in a rise in investment interest from those based in China.