“The majority of participants take part in the tours to see the new housing supply in Riga and Jurmala with their own eyes, compare different projects and find an apartment or house most suitable for their needs. For some participants, however, the priority is to invest the available funds in a profitable way. Therefore, in view of the steady demand for rental apartments in the centre of Riga and outside of it, purchasing of housing for rent is considered as one of the options. In pursuing these aims, buyers are mostly looking for new homes at a price of up to EUR 100,000,” explains Aldis Riekstiņš, Head of Brokerage at Latio.

Depending on the property purchase price and rental fee, the yield from renting new apartments can now reach 4.5-6.5% per year, as reported by the specialist. The apartments in the highest demand by tenants are up to 80 square metres large, with a rental fee of EUR 350 to 450 per month.

The increase of the sales prices of new apartments has moderated this year after a relatively fast surge in the first post-crisis years. According to Latio data, the average price of new apartments in different parts of Riga was 4.5% higher in the second quarter of this year than a year ago. During several previous years, prices for new housing were climbing up quarterly showing a 10-15% jump per year.

Rental housing demand has remained stable in Riga, which is sustained by both locals and foreigners, according to the latest Housing Market Overview by Latio. Many tenants prefer new apartments, because, compared with the prefabricated apartments in various parts of Riga, the new projects can offer lower utilities costs, a better technical condition of the buildings, increased comfort and well-groomed environment. These advantages, in the opinion of tenants, offset the higher rental fees of the new housing.

To serve the needs of potential buyers wishing to inquire about the apartments in new housing projects currently supplied on the market, Latio has been arranging group tours on Wednesdays and Thursdays since July, thus offering interested persons an opportunity of visiting housing developments in Riga and its surroundings, as well as in Jurmala. Tour participants can walk through the new dwellings, obtain detailed information and get free advice on purchase of an appropriate home and other real estate related questions from Latio estate agents.

The routes of the tours are getting diversified and supplemented with new housing types. The upcoming tours are scheduled for 13, 14 and 20 August. Signing up for the tours is available on the company’s website under the section "Tours". This section also provides information about the proposed tour routes, time and related news. Latio offers the possibility to arrange individual tours as well.

On Wednesday, 13 August, at 6 p.m., a tour of housing projects located on the left bank of the Daugava River in Riga will take place. During the tour, the participants will be able to visit the projects such as Solitūdes parks, Varavīksnes nami, Ērkšķu iela, Nordeķu nams and Lilijas iela.

On Thursday, 14 August, at 6 p.m., a tour of Jurmala’s new projects will be held. The route of the tour includes the projects Admirāļu osta, Vienības 20, Edinburgas 101, Sun Terraces, Sky Garden, Jūrmalas pērle and 365.

On Wednesday, 20 August, at 6 p.m., a tour of housing projects situated on the right bank of the Daugava River in Riga will be offered. The participants will get an opportunity to visit the projects Garden Apartments, Ezerparka nami, Kvēles iela, Primavera and Stopiņu iela.