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Jurmala

The most comlicated situation with accommodation is in Jurmala, where the real estate market is influenced by the factors that are not typical for the other cities. Jurmala is situated on the 30 km along the seaside. 1/3 from the territory of Jurmala is situated in the zone of defense, where construction without detailed plan is not possible. Consequently, with the mediation of the detailed plan one can escape following all the building norms.

The offer of accommodation in Jurmala is so various that it is hard to classify it. The high demand is for exclusive houses with a value more than 1 million of EUR, but there is practically 0 quantities of such offers. In a month time only 50 houses are sold. The building of the blocks of flats in Sloka, Kauguri and Dubulti continues.

There is no arable land in Jurmala although the area of offered land is satisfactory. Only if a client wants to buy a certain land or private house with a certain area in a certain district it is sometimes very hard to find suitable offer. For one customer the distance from the Gulf of Riga is very important, for another one the distance till Riga. It is nearly impossible to find several offers of the same level. There is a tendency to built new houses over the old ones. The costs of the private houses here are the highest in Latvia. The most expensive and with highest level of demand are Bulduri and Lielupe, but the most unpopular is Sloka.

After 2004 92 territories in Jurmala were divided and bought by mediators with a hope to sell them with benefit further on.

The characteristic feature of the real estate market of Jurmala is huge polarization of prices — beginning with very expensive properties and finishing with relatively cheap ones which are situated close to each other. The prices may differ because of the 200 or 200 m radius, ore depending on the place or depending on the side of the street where the building is situated — prices may vary 2 or 3 times. The prices for land range from 15 EUR/sq.m till 400 EUR/sq.m.

The difference in price can be determined by geographical position — closer to Riga, Lielupe or seaside -more expensive. Near the bank of Lielupe, where the owner can have his own boat houses cost from 100 till 150 EUR per sq. m, but on the other side of the same street, when one does not have a place, where to put the boat — only 40 EUR per sq. m. On the banks of Lielupe the quantity of offers of land is very low. Railway is a very important border. From seaside till Railway the price of private house can reach 600 000 — 800 000 EUR and even 1 million EUR for private house. The most expensive street in Jurmala is the prospect of Bulduri, which turns into prospect of Dzintari, than into the Juras street than into prospect of Dubulti and further down till the Kapu street in Melluzi. The difference in prices here also depend on the closeness to Riga, or Lielupe, or seaside, or on the gas, water, and canalization availability. E. g. when in Melluzi and Asary, on the other part of Railway the gas pipe was built the costs of properties and land increased at once.

The prices for the property in Jurmala grow from year to year. In 2003 the price for land in Bulduri, Lielupe coasted in average 150 -200 EUR per sq. m., than in 2004 — already 300 EUR per sq. m. Foreigners, especially from Russia purchased properties in Jurmala very actively in 2003, but already in 2004 the quantity of deals with Russians reduced.



The real estate market of Jurmala is characterized by the two groups of customers — investors and residents. Foreign investors normally buy exclusive properties, the residets of Latvia simply invest their money in properties. The Latvians prefer Asari, Vaivari, Melluzi, where the prices can be compared to those in Marupe and Balozi. Now the majority of deals is made using the credits.






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