The reasons for investing in Latvia property might be purely pragmatic or remarkably romantic.
Among pragmatic reasons at least seven ones come immediately to my mind.
First of all, real estate investing per se has always been an attractive opportunity to build a fortune. It is well-known that property ordinarily gains value over time unlike many other investments that may rise and fall quickly and without warning.
The ‘buy and hold’ approach might be an excellent option. You might like to buy a piece of real estate and to resell it later on at a double or even at a triple price.
And the best of all that purchasing a plot of land gives you a breathtaking chance to build your dream house when you are limited only by your own imagination.
Secondly, within the last two years Latvia property market reached its bottom: for instance, compared with the middle of 2007, by the end of 2009 the prices for flats and houses had dropped for 50-70 per cent. According to some market analytics, the significant rise of prices will be observed at the beginning of 2011. In other words, it is high time to take advantage of the situation and purchase Latvia property till the second quarter of 2011.
Moreover, according to the Latvian law “On Privatization of Land In Rural Areas”, till May 2011 EU citizens are not entitled to purchase agricultural and forest land in Latvia and there are certain limitations for purchasing plots of land in towns for EU individuals and legal entities. After the removal of these restrictions European investment is expected to grow that will consequently lead to price increases on Latvia property.
The third pragmatic reason for buying Latvia property is related to amendments to the Latvian immigration law approved on 1 July 2010. According to Article 24 of the Immigration Law, a foreigner who acquires real estate in Latvia is entitled to receive temporary residence permit for a period of 5 years in case he/she purchases property for the sum of not less than LVL 100 000 (appr. EUR 143 000) in Riga, the capital of Latvia, or in Riga planning region consisting of Jurmala, Riga district, as well as the districts of Tukums, Ogre and Limbazi or for the sum of not less than LVL 50 000 (appr. EUR 71 500) outside Riga and Riga planning region.
Accordingly, in case you are interested in the acquisition of property in the European Union, buying Latvia property is not a bad option at all. In addition, since on 21 December 2007 Latvia joined the Schengen zone, non-EU residents who own Latvia property are entitled to acquire a Schengen visa for 5 years that allows them to freely and easily travel to all EU countries.
The fourth pragmatic reason for buying Latvia property is a low property tax: 2 per cent of the purchase value of a real estate property in a lump sum and 1.5 per cent of the cadastral value of a plot of land annually. All taxes as well as any property related communal expenses might be paid by bank transfer from any country of residence or via an authorised person.
The fifth and sixth pragmatic reasons for buying Latvia property are conditioned by the geographical position of Latvia. The Riga airport provides more than 70 flights a day to Europe. For instance, it takes one hour and thirty-five minutes to get to Berlin and two hours and fifty minutes to get to London. Moreover, being a reliable bridge between Western Europe and the ex-USSR countries, Latvia is a superb springboard to Russia with its vast market that might be advisable to conquer from some reasonable distance.
And last but not least pragmatic reason for buying Latvia property is your health. While, for instance, the Mediterranean countries might be a great option for investing into property and enjoying the advantages of the place, their hot climate might be a serious obstacle if you experience some problems with your heart or cardiovascular system. On the contrary, the climate of Latvia, especially of Jurmala, is exceptionally favourable for people with a weak heart as this resort town offers a brilliant combination of the Baltic Sea, sandy beaches, pine tree forests, no industries and less auto traffic that results into the purity of air and untouched nature.
In Latvia there are over 12,000 rivers and 3,000 lakes providing numerous opportunities for boating, walking or simply enjoying the outdoors, a perfect option for a person who wants to maintain a healthy lifestyle. Moreover, sanatorium Jaunkemeri, which takes advantage of Jurmala’s unique mineral sources and therapeutic mud, attracts numerous health tourists due to its experience in applying therapeutic mud-baths and applications as well as by its reasonable prices.
Do you want to learn something about romantic reasons for acquiring Latvia property? Here I will be quite laconic and instead of replying to the first question I will ask you another one: Isn’t it a romantic venture to discover a new country, to build your dream house, and, if you are a single person, to meet your life partner? If you are a true romantic, you know the right answer yourself, and you will definitely agree that the three above-mentioned reasons are romantic indeed.
Needless to say real estate investing offers many opportunities to the savvy investor, both pragmatic and romantic ones. It is high time to make your right choice and invest in your future – in Latvia property.
Source: from weebly.com