„In July, as compared to June and May, demand in detached houses in Jurmala got stronger. Also the overall activity increased on the real estate market of Jurmala in July. Foreign nationals account for a significant share among buyers, although local people also expressed more pronounced interest in buying property in Jurmala lately. In July, inflow of foreign buyers was associated with holiday season and spending vacation in our country, as well as due to different events held in Jurmala,” points out Edgars Spuravs, Head of Jurmala Division, Latio LLC.

He explains that most of foreign buyers prefer detached houses measuring up to 300 square metres, with the land plot up to 2,000 square metres, and within the price range of up to EUR 300,000 – 350,000. Property location in Jurmala central area is not that important to these buyers, the most essential requirement is often proximity of a water body – either sea or river – silence, possibility to take a rest. Local buyers have similar demands, yet they seek for detached houses within price limit of EUR 200,000.

“Foreign nationals are also interested in buying brand-new apartments. Moreover, according to the analysis our company conducted, foreign buyers purchase apartments not only in the central area of Jurmala, but also in more distant areas like Kauguri. All in all, there was increased number of apartments bought by foreign nationals in areas farther from Jurmala centre in 2012,” notes E.Spuravs.

Currently, prices of apartments in Jurmala new developments fluctuate between EUR 3,200 and EUR 4,500 per square metre. On supply listings one can find more expensive apartments, too, and the high price thereof is determined by the excellent location, sea view or other luxurious feature.

Analysis of Land Registry data gathered by Latio revealed that, in comparison with the first half of last year, number of housing units bought in Jurmala added 41% including increase of 50% in apartment transactions, and increase of 21% in transactions with detached houses during the first six months this year. On the whole, 481 transactions were closed in Jurmala during the first half of this year. The highest number of transactions per month was fixed in May when 105 housing transactions were registered.