Riga has long been among the largest cities in Northern Europe, with more than 1 million people in its metropolitan area. Perfectly located right on the border of the European Union and CIS, it has grown to be a strategic hub for international businesses.
90% real estate tax reduction
Starting from 2023, more taxpayers will be eligible for up to 90% real estate tax reduction. The reduction will be available for real estate projects in Riga which meet the criteria set by Riga City Council.
The newest categories are as follows:
- Land for constructing a new office, industrial, or apartment building.
- Newly built detached houses are classified as almost zero energy buildings.
- Buildings constructed as part of priority investment projects (the list of these projects is prepared by the Latvian Investment and Development Agency).
Growing market demand
The market of real estate in Riga is growing and is not about to stop. The developers have had plenty of opportunities to sell new houses. Buyers have access to state-supported programs and quick access to bank financing, making real estate purchase more attractive.
The office and industrial market also show increased activity. Many forthcoming buildings, scheduled for completion in the upcoming years, already have a low vacancy rate; many tenants have already signed lease agreements in the pre-lease period. This trend will continue in the coming years and, as new buildings are more energy-efficient, many businesses plan to relocate to more unique buildings to reduce costs and improve working conditions.
Riga has a more attractive yield than the average for other European countries. Investors can expect a higher return on investment [ROI], helped by active support from the local city council. In addition, investors can apply for RE tax reductions and special incentives.
Make an impact!
Your success is our success! It does not matter whether your project is big or small; you will impact and better the city of Riga with your contribution. The city can be your playground for creative and extraordinary ideas that can flourish into projects everyone will recognize. Moreover, Riga's city hosts regionally renowned real estate projects that attract Europe’s top architects.
Some of them:
- The first rooftop sports field in the Baltic States- Preses Nama Kvartāls
- The best in the Baltics- Origo Shopping Centre
- The first all-wood office building in Baltics - The Pine
And many more to come because, in Riga, actions speak louder than words. The doors of Riga are open to everyone. We take care of our partners but don’t take our word for it, come and see for yourself. Be here, become great, and create something that generations will appreciate to come.
Red carpet service
Even smaller investments are always welcome and noticed by the Riga City Council and the media. We value, welcome, and support everyone who contributes to our environment and society.
In Riga, we work hard to find the best solution for everyone and tailor our services to accommodate clients’ needs. It is of the utmost importance for us to deliver high-quality assistance throughout all the project steps. If needed, all the right people are close at hand and ready to answer all your questions promptly. Should that be a consultant of our agency or mayor of the city, anything is possible. These are only some of the advantages of doing business in a growing country and city. We hope that we can make a difference and better the process of your project with our support!