Real estate market has always been one of the most thriving business branches. We, a real estate agency Vestabalt, have more than 25 years of experience in real estate market and we offer our clients a wide range of properties – from apartments in newly built buildings to big commercial objects.
Flats are one of the most popular types of real estate and on our web page one can find apartments suitable to everyone's wishes and needs. Vestabalt offer includes not only Riga apartments but also flats in the capital's closest surroundings.
What Kinds of Apartments Offers Vestabalt?
In the Vestabalt online catalogue you can find flats for different tastes. We offer comparatively small apartments with good price-quality balance, as well as luxury multi-storey apartments in exclusive properties. However, our “arithmetic mean” in terms of apartments is a flat in a pre-war or a special project house, equipped with all the necessary appliances, communications, has attractive interior solutions, and is big enough not only for single people and couples, but also for families with kids.
Where Vestabalt Apartments are Located?
Although the bulk of our offer is Riga apartments, we also provide the opportunity to rent or to buy flats in Jūrmala, Saulkrasti, Mārupe, Ķekava, Garkalne, Babīte, Ādaži and other locations around Riga. The available locations are updated regularly, because new offers are added daily to the Vestabalt catalogue.
Technical Specifications – What to Take Into Account Before Buying a Flat?
In order to be sure that your new apartment suits your needs perfectly, examine it thoroughly. One of the criteria to pay attention to is hygiene facilities. If you want to buy a big apartment and plan to welcome a large number of guests, it is worth choosing flats with at least two bathrooms. Don't forget to examine the communications – they should be in a perfect working order.
What Kind of Apartment is Right for You?
Apartment blocks are divided into projects – almost everyone has heard about the Khrushchev project or the pre-war houses. We would like to bring your attention to:
- the Khrushchev project. The apartments in the Khrushchev project's houses are mostly small with walk-through rooms. You can find this type of apartments outside the centre of Riga;
- the Brezhnev project. These houses are similar to the Khrushchev project's buildings, but they tend to have higher ceilings and have more comfortable room layout;
- the Czech project. 12-storey houses equipped with an elevator and an enclosed balcony. The flats in these buildings have a comfortable and well-thought-out layout;
- The French project. This type of apartments is mainly located in the neighbourhoods of Pļavnieki and Purvciems, as well as in Dārzciems. Their height is from 16 to 18 storeys, and they can be distinguished by their entirely original appearance.
However, Riga apartments are available not only in standard projects, but also in pre-war houses and special projects. The main advantage of flats in pre-war houses is high ceilings, and quite often those apartments come with extra cultural value, as well as interesting architectural solutions. Pre-war flats usually have big square footage.
Special projects are generally located in new apartment blocks, different from standard buildings. Their main features are big square footage, light interior, modern room layout (for example, a kitchen is connected with a living room), as well as balconies, terraces or enclosed balconies. Territory next to special projects buildings is well-developed – you will find there children's playground, a parking lot, and a landscaped space.
Buying an apartment is a responsible decision, and this is why we recommend choosing a reliable real estate agency. It will help you not only with market research, but also with professional advice. Use Vestabalt services and find the flat that suits your needs perfectly!
Buying a house demands full responsibility and this is the main reason why to use services of professional and knowledgeable market experts. Vestabalt offers various houses in Riga and other Latvian cities and towns and provides professional help at every stage of buying process.
Which Types of Housing For Sale and Rent Offers Vestabalt?
All people have their own wishes and needs, and this is why Vestabalt housing offer is particularly wide. We offer buildings under construction and houses without interior design, which can be decorated later by future owners; those who prefer classical values will appreciate historical pre-war houses. It is also possible to purchase multi-storey mansions and spacious family residences, designed in sophisticated manner and equipped with luxury furniture and home appliances. Vestabalt housing offer also includes a wide range of summer cottages.
Where Houses for Rent and Sale are Located?
Vestabalt offers housing all around Latvia, so that everyone could find a place according to their needs – in Riga, in capital's surroundings, or in seaside towns. On our web page you can find information about where Vestabalt sell a house:
- other locations.
We would like to add that locations where we sell a house are updated regularly. We add new offers to our database but the widest housing offer is available in Riga and its surroundings, for example in Babite, Carnikava, Garkalne, Mārupe, Ķekava, Saulkrasti etc. However, we can also help you if you want to buy property in other locations.
What to Take Into Account When Buying a House?
Purchasing a home is a very responsible decision, so you should carefully consider which property might be the best for you beforehand. To facilitate your choice, we have compiled a list of criteria that we recommend to take into account before making a final decision:
- square footage and the number of storeys. Vestabalt real estate trade include both compact one-storey or two-storey houses and big residences with total square footage more than 1000 square meters;
- location. It is important to keep in mind not only the aesthetic attraction of the particular location but also its strategic advantages, for example, the distance to your work, children's school and shops;
- room layout and decoration. Choose a house which is comfortable to live in and which does not demand rebuilding. You should definitely pay attention to the layout – whether there are enough rooms in the house, how spacious they are, where bathrooms are located etc. The interior decoration is also of great importance – it should be both qualitative and tasteful;
- the type of real estate trade agreement. You can pay for your new property in different ways, because people don't only rent or sell a house. For example, if a person rents a house with redemption rights, then after a certain rental period it will be possible to redeem it. This solution is very attractive if your goal is to own a particular house but for the time being you don't have the required sum. Other solution is renting – if an owner has houses for rent, opt for this variant if you only need housing for the short term.
Of course, it is worth paying attention to other criteria as well, but we suggest taking into account at least the four parameters we describe here.
Are you looking for a house which could become your new residence? Use Vestabalt real estate trade services and find your dream house!
The market segment of new projects becomes more and more active, and the total share of transactions continues to slowly grow. Although the highest interest is still shown in standard-type apartments, demand for apartments in new projects also increases. New projects can be recently built houses as well as multi-apartment buildings put into operation earlier. Mostly people imagine new project flats as living spaces in recently built houses with freshly renovated rooms. The truth is, it is not always the case, because any building put into operation after the year 2000 is considered to be a new project.
When choosing a new home, most buyers pay great attention not only to the parameters of the project and flat itself, but also the location and infrastructure - proximity of educational institutions, public transport, shops and other important establishments. New projects that are built as large residential areas (for example, new project in Teika “Jaunā Teika” (“New Teika”) and Skanste neighbourhood) combine all these requirements and wishes. These areas include not only residential houses, but also office buildings, shops, catering establishments, kids recreational areas, etc. The highest interest in these new projects are shown by the younger generation who find it important to reside in a comfortable and tidy environment where everything is within easy reach.
New project apartment
Purchasing real estate is a long-term investment in the future, therefore it is essential for the buyer to carry out a thorough analysis not only of the potential home’s price but also of the long-term maintenance costs and many other nuances. Investing in real estate, one must consider what kind of property would bring the highest long-term return on investment. Most often, buyers who want to purchase a new home must choose between two types of buildings – standard-type apartment building or new project.
- Depreciation of the building. Before purchasing a home, it is essential to inspect the building’s depreciation and current condition. Today, deprecation level of the most standard-type buildings has already reached 50%. New projects have been put to operation just recently or in the near past.
One of the biggest disadvantages of standard-type buildings is the large number if illegal rebuilding cases, such as demolition of partition walls (including superstition walls). This kind of DIY (do-it-yourself) rebuilding significantly reduces the building’s operation time. No such trend has been observed when it comes to new projects - people usually do not rebuild anything after the purchase.
Of course, deprecation level and condition do not depend only on the year the house was built in, one should also consider other factors such as the building’s current and past maintenance.
- Quality. One does not have to be a building expert in carry out a pre-purchase investigation: what kind of materials, energy efficiency and technical solutions were used when building a particular new project. It may not seem important right now or in a year, but can mean a lot in the long-term.
It is no secret that standard-type apartment buildings do not boast the highest building quality – poor sound and heat isolation, problems with the outer wall hydroisolation and wall freezing can be mentioned among the biggest disadvantages.
What about building quality in the new projects? Unfortunately, a new project flat does not always mean high quality. Define the project’s builder and developer – experienced company with a good reputation will give a higher guarantee that your potential home meets the quality criteria. Look for other reviews on the project, have a chat with neighbours.
- Utilities. Compared to standard-type apartments, utility costs in a new project flat will most often be lower due to the fact that most developers build new projects with a long-term approach and responsibility. For example, successful energy efficiency solution will allow you to save on heating during the cold months of the year.
When living in a standard-type apartment, land lease can create significant costs over the course of a year. When it comes to new project utility bills, they don’t include such cost position. Living in a new project in the long-term is often more beneficial, cheaper and better.
- Mortgage credit. Another significant factor to consider when choosing between a standard-type or new project flat, is the availability and amount of mortgage credit. Sometimes buying a new home is not possible without a credit and cooperation with a bank.
Banks are more willing to finance new projects, often offering more beneficial crediting conditions – lower first payment or longer repayment terms.
- Future value. Most often, low price is the reason why people prefer standard-type flats. Thinking about real estate in the long-term, its future value is also essential. It is highly possible that you will have to sell the flat, for example, in order to buy a bigger home or when moving to another city. Real estate experts predict that the future value of standard-type flats might plummet in the future.
New projects in Riga and Jūrmala
From all new projects available in Riga, the largest interest is always shown about projects in Riga micro-regions and Riga suburbs. New projects in Pārdaugava are very popular among home seekers because the tendency remains that people look for more economical and less spacious homes. Larger flats are, however, more demanded in Riga centre, but it’s a whole different price and buyer category.
However, new project as a place for home becomes more and more popular. Interest in new and modern flats gradually continues to grow. Currently Riga experiences the same trend as observed in the whole world – the area of new project flats decreases, which makes prices more affordable for buyers. A separate segment is also exclusive new projects in Riga centre and Old Riga.
Selection of flats available in new projects in Riga is vast:
- New projects in Riga centre;
- New projects in Old Riga or exclusive centre;
- New projects in micro-regions;
- New projects in Jūrmala.
Today, new project flats meet all tastes and demands:
- Flats with full interior finish;
- Flats with “grey” finish;
- Smaller studio flats;
- Flats with two, three, four or more rooms;
- Flats with all conveniences – elevators, underground parking spaces and storage rooms.
Commercial property is a real estate that brings profit, is planned to bring profit or is purchased with the aim to gain income on lease. Houses, buildings or premises where business or economic activity is carried out, as well as other public premises are all considered to be commercial properties. Vestbalt statistics show that office space is the most popular, most known and most demanded commercial property, but our database features also other types of commercial properties that could be of interest to the potential investors:
- Office and retail spaces;
- Industrial premises;
- Warehouses and sheds;
- House ownerships;
- Investment properties;
- Restaurants, clubs, bars;
- Hotels and recreation complexes.
Purchasing any kind of commercial property, the buyer’s aim is to gain profit on this property. According to the purchase aim, commercial properties can be divided into:
- Properties that would bring income on lease;
- Properties for further development;
- Properties where business activities will be carried out.
Often there are situations in the real estate market when a particular commercial property is positioned to the potential or existing client differently or even controversially. The reason for that most likely is the fact that there’s no unified and coherent classification of commercial properties that would be easily understood and implemented within both local and global market. This situation reduces the level of real estate market prestige, therefore a unified classification of commercial properties would benefit all parties of the commercial property market – developers, owners, investors and lessees.
Purchase, trade and lease of commercial property
Each commercial property is a specific real estate. If you have decided to purchase, lease or sell a commercial property, we highly suggest you turning to an expert of the respective sector - their knowledge and experience will allow you to avoid unpleasant surprises.
Vestbalt real estate agents who are specialized in commercial properties will not only help and consult you on all matters related to lease or sale, but also provide you with the news and current trends of commercial property market.
If you own a commercial property. We will help you lease or sell all kinds of commercial properties in Latvia quickly and to your benefit. Our agents’ experience, professionalism and our company’s vast client database allows us to give you a promise that we will find a lessee or buyer also for non-standard and specific commercial properties. We will create a professional offer (advertisement description, photos, plans, etc) that will be sent to potential clients. Our experts will define the most suitable target audience for your property and create its promotion strategy. We will supervise the whole process and pitch your property presentations. We will also provide all the necessary documentation.
If you are looking for a commercial property. We have access to comprehensive information on the commercial property offer in Latvia (also such objects that are not available to the public). With utmost regularity we keep track and update our list of properties available for auction. Auctions give you an excellent opportunity to purchase real estate for a price below market value.
Of course, rarely there are commercial properties with no hidden faults, situated in a strategically appropriate location sold for a good price. Such commercial properties usually are sold or leased very quickly. Therefore it is worth consulting with a real estate agents who constantly browse the latest offers and is very well informed about the market situation. Real estate agent is like a guarantee that you will be informed about an appropriate commercial property before anyone else manages to buy or lease it.
Choosing a new office is not an easy task. Office is as important as your business card – it’s the client’s first impression about the company, represents the company’s taste and values as well as demonstrates the company’s attitude towards employees.
Company managers understand that caring about employees boosts motivation and increases productivity. In order to attract and keep a competitive staff, company managers have become more aware that high-quality, comfortable and appropriate office space plays a great role. As a result, demand for quality and visually attractive office spaces increases. Nowadays lessees pay great attention not only to premises, layout and technical conditions, but also the overall environment and extras – what additional services are offered by the lessor. Maintenance of the building, manager’s attitude towards lessees, quality of additional services (cleaning, technical services, concierge, parking, etc.) and the lessor’s ability to react in time also play a significant role. Lessees pay more and more attention to such additional services as catering options in the office building or the near neighbourhood, availability of gyms, entertainment venues and even the option for employees to purchase / rent flats nearby.
100-250 m2 area B-class office spaces are the most demanded, but interest is growing also in A-class office centres. However, not all companies wish to set up their offices in modern newly-built office centres, therefore buildings outside Riga centre as well as office spaces with artistic aura that are set up in former industrial regions, factories and warehouses also become increasingly popular.
Office space rental market trends
High quality office spaces in Riga have always been in high demand. The most popular are medium-sized office spaces in the city centre and close to the centre with comfortable parking option both for the employees and clients. Although providing a parking option for office spaces in the very centre is complicated, there are certain industries that find having an office in the historic centre of Riga or Old Riga more important than having a parking space.
There is a steadily ongoing demand for high-quality, respectable and effectively-planned office spaces that are easily accessible by public transport and have a parking option for at last 1 car per every 50 m2 leased. There also an increasing popularity of the market’s novelty - coworking office spaces. More and more demanded are flexible offices with adaptable planning and various usage options in time and space. Experts predict that such office spaces in Riga will increase in demand, generally due to the ever-increasing number of startup type companies.
We have listed the most important criteria, based on which company managers choose their potential office spaces:
- Building’s condition – preference on new or fully renovated buildings;
- Building’s systems – high attention paid to engineering systems (lighting, electricity, heat supply, air conditioning, security and access systems), control, monitoring, optimizing and reporting options;
- Building’s structure – determining factors also include the height of the ceiling, effective layout, insolation, finishing materials as well as comfortable and adaptive communications solutions for workspace equipment;
- Location – office space is located within the borders of the existing or future business activity region and is easily accessible;
- Parking – the type of parking place is also taken into consideration (overground, underground, multi-level) and the parking option for visitors.
- Building management – management must be carried out by a professional management service supplier.
Office space rental
Commercial property market will always be active and office space rental will always be demanded. Lately, office space market continues to grow, and – although several new office buildings in Riga have been put to operation recently – demand keeps exceeding supply and there is still a significant lack of new, high-quality office spaces in Riga that would fit the lessees’ demands.
Office spaces must serve people who work there, so their main task is to be:
- Aesthetically harmonic.
Vestabalt real estate experts will help you find you an office space that best fits you and your business specifics. Our company’s database features a wide selection of office spaces – from the economic class offices allowing clients to choose custom solutions according to possibilities to free layout offices providing an option to adapt the space according to own requirements. Vestabalt has a vast office space offer both for rental and purchase.
The purpose of land property use is determined either by its current usage; or the allowed purpose of use is specified in the municipality territorial plan (detailed planning). The purpose of use is determined by the municipality and the territorial plan where the property is located in.
According to the purpose of use, land properties can be divided into two categories:
- Land for construction purposes;
- Land that’s primary purpose of use is not for construction.
Land that’s primary purpose of use is not for construction, according to these regulations, is a territory used for agriculture, forestry, abstraction of water bodies, mining of mineral resources or preservation of natural sites and recreation, etc.
Land for construction purposes, according to these regulations, is a land with already existing construction or a construction plan.
Land with already existing construction is land that, in accordance with lawful use, is used for the maintenance of buildings, engineering communications or utilities; and land with a construction plan is land for which a construction permit is issued, for which construction is about to be carried out according to the municipality territorial plan or which, in accordance with the detailed planning, is planned (permitted) to be used for the maintenance of buildings, engineering communications or utilities.
However, land owners who are selling land usually divide land types as follows:
- Land for private construction;
- Land for commercial construction.
Both land for private construction (mostly demanded by local inhabitants) and land for investment and development projects (mostly demanded by foreign entrepreneurs) are demanded.
Lately, local inhabitants show an increased interest in land properties for private construction in the close suburbs of Riga – Baltezers, Berģi, Ādaži, Katlakalns, Mārupe, Jaunmārupe, Ķekava, Garkane.
Clients also have a constant and persistent wish to purchase land for a further development of a summer or countryside residence – we have observed that the most viewed advertisements are about selling land by the seaside and Latvian rivers. The most popular locations for holiday residences are Jūrkalne, Kolka, Pāvilosta, Liepāja, Saulkrasti, Lapmežciems, Ragaciems, Mērsrags, Engure.
Land as an investment
Real estate as a long-term investment has proven itself over decades and still remains as one of the most popular types of investment. Often investors choose to invest in land property purchase, including agricultural land, forests, strategically important territories, etc.
Land purchased at the right time and for a successfully valued price gives an investor the potential for development and profit with comparatively low risks: unlike securities, land cannot lose its value – it cannot become outdated, outworn or collapse.
We would like to share a few simple recommendations that will help those who wish to purchase land in Latvia:
- Strategically chosen location. The location of land, just like of any other real estate, is the most important parameter.
- When choosing land for construction, neighbourhood also plays a big role: neighbours, adjacent infrastructure and available communications, proximity to the city centre. When it comes to commercial construction, one has to consider the following criteria: permitted construction parameters, intensity and the permitted number of building storeys, access options, the importance of location in the long-term, traffic flow intensity. It is also worth inspecting the general development plans for the territory as well as the most important development / infrastructure projects planned nearby.
- Infrastructure. Always pay attention to the development level of infrastructure. Everything matters: engineering communications, roads, public transport proximity, bicycle paths, communications.
- Evaluate the possible encumbrances related to the land property – look for red street lines, buildings at the neighbouring properties that might affect the building’s location within the property, servitude, underground engineering communications. Vestabalt will cooperate with an architect and carry out a feasibility study of any land property – a detailed analysis of construction parameters, preparation of the general plan solutions as well as an analysis of the possible risks.
Vestabalt sales experts will help you with selling land as well as purchasing a land property that best suits your needs.
Land properties offered by Vestabalt
Either you’re planning to purchase a land property to build your own house or purchase land as a long-term investment, each of the offered properties must be carefully evaluated by analysing and inspecting all the available information.
One has to be aware of the previous constructions and future construction plans for that location, the land’s purpose of use, encumbrances and the future development potential.
Services offered by Vestabalt company also include customer consultations, comprehensive support for land property search and legal support when purchasing and and selling land. If you wish to purchase land, the long-term experience in the real estate field of our real estate experts, lawyers, tax consultants and detailed planning experts (architects) will help you find and choose the best land property for you.
Either you’re planning to purchase a land property for private use or long-term investment, we will help you find the most suitable construction land or real estate with land. Vestabalt real estate database features all kinds of land properties:
- Land for private construction;
- Land by the seaside, river or lake;
- Land for commercial construction;
- Forestry land;
- Agricultural land;
- Land for manufacturing construction;
- Land with already existing development projects such as multi-apartment buildings, office buildings and warehouses.
Apartments in new projects and pre-war houses
One of our main business activities is renting and selling apartments, so our apartment offer is particularly wide. Generally, we offer apartments in new projects, equipped with all the necessary appliances and furniture and decorated in an appropriate modern style. Customers who are looking for a luxury apartment with top-quality appliances and interior design will find what they want at Vestabalt.
Houses in Riga and Regions
Our online housing catalogue offers a wide range of properties for sale and rent. Properties are located all around Latvia – in Riga, Ventspils, Valmiera and other Latvian cities and towns. You will find here both exclusive mansions at the seaside or riverside, and more modest properties with great quality-price balance.
Land for Everyone's Needs and Wishes
We also sale various land plots, for example, land for private housing, forestry land, commercial land, agricultural land, and land near water.
Office Space for Small and Large Companies
Real estate is necessary not only for private but also for business needs, and this is why we have a special category for office space. Here you can find offices suitable for one person, complex office solutions, and buildings adjusted to commercial needs. Generally, we offer office space in Riga.
Commercial Objects for Business Development
Real estate can become a sound foundation for profitable entrepreneurship. We offer various types of commercial objects for sale and for rent, including commercial facilities, investment objects, whole buildings, industrial facilities, hotels, leisure complexes, etc.
New Projects – Fresh Future Outlook
If you opt for buying an apartment in a new project, you will be able to enjoy a number of benefits. First of all, market value of this kind of real estate is highly likely to grow in future. Secondly, new, freshly refurbished apartments guarantee a good quality of life and are particularly popular amongst families with kids. We offer apartments in new projects both in Riga and its surroundings, for example, in Jūrmala, Babīte, Saulkrasti, Mārupe and other Latvian regions.
Where Vestabalt Properties are located?
Speaking about the apartments, Vestabalt focuses on real estate in Riga and its closest surroundings – Jūrmala, Saulkrasti, Mārupe, Ķekava, Garkalne, Babīte and Ādaži. Mansions, land plots, and commercial objects are available for sale and rent all over Latvia.
Real estate is a broad term – apartments and mansions, commercial objects and land plots are included in it. We, a real estate agency Vestabalt, offer you to buy or rent various kinds of property all over Latvia. In order to make your research more efficient, we have developed an easy-to-use property searcher. Find the most suitable property and use necessary real estate related services at Vestabalt!