Real estate in the Baltic countries

Such close, acquaintances, who have a common history with us and at the same time a completely different mentality and traditions, the Baltic countries were able to retain their attractiveness for Russians both as a vacation spot on the Baltic Sea coast and as a country whose real estate is of considerable interest.

It is not surprising that Russia and Latvia were able to maintain long-term ties and real estate in this Baltic republic attracts Russian buyers.

Apartments and houses in Jurmala, the venue for such well-known events as New Wave, Voting KiViN, the Jurmala Humor Festival and many others, are traditionally in the greatest demand among Russians. The cost of real estate in this resort town depends on the area and the characteristics of the house itself: usually pre-war stone buildings, which have retained their historical appearance and are distinguished by interesting architecture, are in higher demand.

Among the most popular districts of Jurmala, Melluzi is worth noting – a quiet corner of the city, just a 2-minute walk from the sea, as well as Bulduri, Dubulti, Majori and, of course, Dzintari. Each of these districts, and earlier villages in the vicinity of Jurmala, has its own characteristics and attractive features..

On average, the cost per square meter of residential property in Jurmala varies from 1 thousand euros to 9 thousand.

The most expensive villas are considered to be in close proximity to the sea or surrounded by a pine park, sold fully finished and with built-in appliances. The cheapest living space is in standard apartment buildings on the second or third line.

The increase in the cost of apartments in Jurmala is facilitated by the fact that new construction in this resort town is carried out at an insignificant pace, and the land plots located on the coast are already almost fully occupied. It is safe to say that real estate in Jurmala and the Riga seaside will continue to increase in value by at least 10-20% per year, since the supply is limited, and the demand is growing.

In the capital of the republic, the greatest demand is for apartments in old buildings of Old Riga, located in close proximity to the main attractions of the city. The cost of 1 square meter in this area can reach 3-3.5 thousand euros. Apartments in more remote areas are much cheaper – on the outskirts of the city, for example, in the suburb of Marupe, you can buy an apartment for a price of 1.1 thousand euros in a new building. Apartments in standard houses are even cheaper – about 500-900 euros per “square” and are not very popular.

Among other offers of the Latvian real estate market, it is worth noting apartments in the second largest city of the republic – Daugavpils, the cost of which is even lower than in the capital.

When choosing an apartment or house in Latvia, it is worth remembering some of the peculiarities of the country’s legislation and registration of real estate transactions:

  • some old buildings, which are in very poor condition, cannot be demolished or made serious changes in their appearance, since they are included in the list of historical and architectural objects and can only be carefully reconstructed. It is worthwhile to immediately find out if the mansion you have liked is included in such a list, otherwise the repair and modernization of the house will be accompanied by difficulties in coordinating all actions with the authorities;
  • foreign citizens do not have the right to buy land located in the border zone, in the dune zones of the Baltic Sea, on the shores of the Gulf of Riga, as well as in the river zone. Forestry lands and plots used according to the city plan are not sold to citizens of other states;
  • transactions are concluded with the involvement of a Latvian notary, you will have to pay a fee of 2% of the transaction value, pay for notary services, as well as 13% clerical fee;
  • all real estate transactions on the basis of a notary-certified sale and purchase agreement are entered into the Land Register, and if the property is sold for the second time within a year, the owner will have to pay additional income tax;
  • buying real estate in Latvia for a certain amount (depending on the location – from 71 to 142 thousand euros) gives the right to obtain a residence permit for up to 5 years.

Real estate in Lithuania

Vilnius, Klaipeda, Kaunas and the resort Druskininkai and Neringa are the most attractive settlements in Lithuania, where real estate is more often than others become the subject of transactions with the participation of citizens of other states..

Real estate in Lithuania
Chistyakov Yuri. Autumn in Vilnius. 1990

Russians who visit this small country for the first time are surprised by the huge number of forest zones, amazing nature and neat, well-groomed cities. It is possible to become the owner of a cozy apartment in Vilnius, the only Lithuanian port of Klaipeda and the second largest city in the country, Kaunas: on average, 1 square meter of residential real estate in Lithuania costs 550 euros. Of course, apartments in the central districts of Vilnius are more expensive – about 1.2-1.5 thousand euros.

In Kaunas, an ordinary apartment with an area of ​​40 to 50 square meters can be purchased for only 10-15 thousand euros. Interestingly, one-room apartments are not in demand among Lithuanian residents and such offers are quite rare in new buildings – Lithuanians prefer not to save money and immediately buy a house or a three-room apartment for a family.

The most expensive are villas and private houses in resort areas – the villages of Neringa, Nida and Palanga, which are located in a unique area included in the UNESCO World Heritage List, as one of the most beautiful European landscapes – on the Curonian Spit.

There are no restrictions on the purchase of real estate in Lithuania for citizens of other states – on the contrary, the purchase of a house or apartment immediately gives the right to receive a permanent visa.

A well-kept villa in this area, which attracts tourists from all over Europe, can cost about 300-400 thousand euros, however, you can find cheaper options. It should be noted that the supply in the resort villages of Lithuania is limited, which also contributes to the rise in prices.

Another popular Lithuanian resort town is Druskininkai with a population of only 17 thousand inhabitants. Located in the south of the republic, the city is famous as an excellent balneological, mud and climatic resort. Real estate in Druskininkai remains one of the most expensive in Lithuania – a one-room apartment here will cost the buyer 40-50 thousand euros.

There are no restrictions on the purchase of real estate in Lithuania for citizens of other states – on the contrary, the purchase of a house or apartment immediately gives the right to receive a permanent visa. The only exception is agricultural land. When making a deal, you will have to pay a notary fee of 2% of the purchase price. It is worth remembering that utility bills in Lithuania cost real estate owners a substantial amount – during the heating season, you will have to pay about 100-150 euros per month for a two-room apartment.

Real estate in Estonia

The cost of real estate in the third Baltic country – Estonia, is formed mainly due to its capitals: official – Tallinn, student – Tartu and resort – Pärnu. It is in these cities that the prices for housing are highest; in the rest of the country, the cost of apartments is much lower. For example, in Ida-Viru County, which borders Russia, you can become an apartment owner by paying only about 300 euros per 1 square meter..

In Tallinn, the greatest demand among foreign buyers is for apartments in the Old Town, on its historic streets, which attract tourists from all over the world. The price of 1 square meter here can reach 2 thousand euros, in other districts of Tallinn a “square” costs a little less than 1 thousand euros.

Real estate in Estonia
Makovoy Valery. Old Tallinn street. 2011

The demand for apartments in Tartu is due to the popularity of the famous university, which attracts students from all over Europe. However, foreigners coming to study are not in a hurry to become a full-fledged owner of an apartment in the second largest city – rental housing is in much greater demand. On average, the cost of 1 square meter in Tartu was set at 400-500 euros.

In Pärnu, Haapsalu, Kuressaare, Toila, as well as in other settlements located on the coast of the Baltic Sea, the demand for apartments from the residents of the Leningrad region and St. Petersburg is quite high. This popularity is facilitated by the fact that the road by car to the most beautiful places of this resort region takes residents of the northern capital of Russia in just a few hours, and there is a regular bus service. For example, in the resort town of Narva-Jõesuu, closest to the Russian territory, more than 80% of the population are Russians..

The cost of real estate in these resort towns is quite low, the only exception was the more prestigious Pärnu with its developed tourist infrastructure. Exclusive properties near the beach and in the historic center of Pärnu will cost 4.5 thousand euros per square meter, and in Soviet-built apartments – about 1.5 thousand euros per square meter. In other Estonian resort towns, the cost of 1 square meter varies depending on the proximity to the sea and the quality of the house itself, from 600 to 1.2 thousand euros.

Recently, real estate in Pärnu attracts more and more buyers not only from Russia, but also from Sweden and Finland..

A big plus for buyers of real estate in Estonia is the possibility of obtaining a multiple-entry Schengen visa, and, in contrast to Latvia, the minimum transaction amount is not defined.

The disadvantages of buying real estate in Estonia can be attributed to the language barrier, since young people really do not understand a word of Russian, and the older generation can just pretend. However, more than 30% of the population of this Baltic country is Russian, so in general there are no big difficulties..

It is also worth noting the high utility bills, which makes the maintenance of a house or apartment in Estonia very expensive – from 120 euros per month. At the same time, it is far from always possible to make money by renting out an apartment, mainly only from homeowners in student Tartu and resort cities of the Baltic coast.

All real estate transactions in Estonia are carried out with the obligatory involvement of a local notary, who is also a lawyer and certifies not only the signatures of the participants, but also the purchase and sale agreement. It is necessary to make an appointment with a leisurely Estonian notary two months in advance – the urgency of the transaction is often not taken into account. Notary fee – 2% of the value of the property.

As you can see, each of the Baltic republics has its own advantages and characteristics, so the choice of real estate in Latvia, Estonia and Lithuania depends primarily on the wishes and interests of the buyer himself..

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