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When it comes to investing in property abroad, Latvia is the place to be. With its steadily increasing property prices and its low interest rates, Latvia really does present even the most risk-adverse property investor with a real investment too good to miss. Latvia is proving to be a great place to live and therefore a sound place to invest. Here are some of the reasons why:
Riga The capital of this small country will simply bowl you over. With its architectural mixture of old and new, coupled with an amazing blend of cosmopolitan nightlife and antiquity, Riga is as intriguing to the regular visitors as it is to the first-timers. There is literally something which appeals to everyone in this old city which is why it is fast becoming a real hotspot for property development. Riga really is the crowning jewel of Latvia, making it the perfect place to choose to invest in property. The demand for both rental and holiday accommodation is high and the property prices rise quicker here than anywhere else in Latvia
Culture For such a small country which has seen little independence during the last 800 years, the richness of culture is quite simply breath-taking. It is true to say that Latvian culture comes as a real surprise to the first-time visitors and for those who have been to Latvia before or who are living as foreigners in Latvia, it is a country which always has something unique just around the corner. From the mid-summer festival of Ligo to the regular performances of ballet and opera, Latvia culture never wavers. This hidden-away land of wonders guarantees to maintain the foreign interest in Latvia
Accessibility Since the end of Sovietism in the mid-nineties Latvia has increasingly become more and more accessible to those wishing to travel from Western Europe. This culminated when Latvia joined the EU in 2004 and flights in and out of Latvia became more regular and cheaper. You can access Latvia by all transportation means, from ferry to plane, making it an extremely accessible choice of place when expanding your property portfolio
If you are looking for property in Latvia then what better way to go about it than to get in contact with property experts such as Someplace Else? For all your property investment needs simply pick up the phone and give Someplace Else a ring on 020 7731 2200
If you are considering buying property in Latvia you may be at a loss at where to begin. Below we have used our experience to draw together some of our most commonly asked questions:
I want to buy property in Latvia but where do I begin?
Getting started is often the most difficult part but with the wealth of information now available on the internet, there is a lot of advice out there to help you whet your appetite. There are lots of tips and information on this site alone, so why not take sometime out to read about the buying process for property in Latvia?
Should I visit Latvia?
It is always advisable that you visit any areas of Latvia where you are thinking of investing in property. When considering which area to buy in, it is important that you think about the reasons for wanting to buy the property. Will you buy it and rent it out? If so, is it in an area where people are interested in renting? You will not really be able to gauge this without actually seeing the area and the possible properties by visiting Latvia.
How do I find the finance to buy the property?
There are lots of options when it comes to financing your new property in Latvia. The property may be cheap enough that you can buy it out right. You may also be able to raise money through re-mortgaging your UK property, taking out a Latvian mortgage, taking out a loan from a UK bank, clubbing together with family or friends etc.
How do I go about renting out my property?
You can hire a local Latvian agency to take care of all the rental administration. The same company may also clean and maintain your property. Alternatively, you can rent out the property yourself, which is harder work, but means that you will not have to pay out any additional costs once you have bought the property.
How do I find out about the legal requirements of buying property in Latvia?
Although the internet is an excellent information resource it is advisable that you hire a qualified, registered solicitor to guide you through the legal process of buying property in Latvia. Please feel free to speak to Someplace Else in more detail regarding this and we will be more than happy to advise you.
If you are considering buying property in Latvia then please do not hesitate to pick up the phone and give Someplace Else a ring on 020 7731 2200.