Authored by the expert who managed and guided the team behind the Latvia Property Pack
Yes, the analysis of Riga's property market is included in our pack
If you're thinking about buying an apartment in Riga, you're probably wondering what it will actually cost you in 2026.
This blog post breaks down real apartment prices, neighborhood differences, closing costs, and ongoing expenses so you can plan your budget with confidence.
We constantly update this article with fresh data from authoritative Latvian and EU sources to keep it accurate.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Riga.
Insights
- Riga's apartment market is essentially two markets in one: Soviet-era standard apartments trade around €650 to €1,070 per square meter, while new-build projects in the same neighborhoods often cost €2,200 to €2,600 per square meter.
- The cheapest neighborhoods for apartments in Riga in 2026 are Bolderāja and Vecmīlgrāvis, where you can still find standard apartments under €700 per square meter.
- Winter utility bills in Riga can jump to €170 to €320 per month for a 60 square meter apartment because district heating dominates costs during cold months.
- Riga's Land Register state fee is 1.5% of the property value for individual buyers, making it the single largest closing cost when purchasing an apartment.
- Property tax in Riga for owner-occupied residential apartments ranges from 0.2% to 0.6% of the cadastral value, but families with children can receive relief of up to 90%.
- Foreign buyers should budget 30% to 40% for a down payment in Riga because Latvian banks are conservative with non-resident income documentation.
- Āgenskalns and Teika are consistently the priciest standard-type neighborhoods in Riga, trading around €1,070 per square meter even for older apartments.
- New residential project transactions in Riga surged 46% in the first half of 2025 compared to the same period in 2024, signaling strong buyer confidence in the premium segment.
How much do apartments really cost in Riga in 2026?
What's the average and median apartment price in Riga in 2026?
As of January 2026, the estimated median apartment price in Riga is around €84,000 (approximately $87,000 USD), while the average apartment price sits higher at roughly €105,000 ($109,000 USD) because expensive new-build projects pull the average upward.
When you look at price per square meter in Riga, the median lands around €1,400 per square meter ($1,456 USD or €130 per square foot), and the average is closer to €1,750 per square meter ($1,820 USD or €163 per square foot).
The typical price range that covers most standard apartments in Riga in 2026 spans from about €45,000 to €180,000 ($47,000 to $187,000 USD), with Soviet-era housing estates clustering at the lower end and renovated or new-build units pushing toward the top of that range.
How much is a studio apartment in Riga in 2026?
As of January 2026, a typical studio apartment in Riga costs around €55,000 (approximately $57,000 USD), though this varies significantly depending on whether you're buying in a Soviet-era building or a new development.
The realistic price range for entry-level to mid-range studios in Riga is €25,000 to €45,000 ($26,000 to $47,000 USD) in older housing estates, while high-end or new-build studios in central Riga or premium locations can run €65,000 to €95,000 ($68,000 to $99,000 USD).
Studio apartments in Riga are typically between 25 and 35 square meters, with the most common size being around 30 square meters, which is compact but functional for single occupants or couples.
How much is a one-bedroom apartment in Riga in 2026?
As of January 2026, a typical one-bedroom apartment in Riga costs around €80,000 (approximately $83,000 USD), representing the most common entry point for buyers who want a bit more space than a studio offers.
Entry-level to mid-range one-bedroom apartments in Riga's housing estates typically cost €50,000 to €85,000 ($52,000 to $88,000 USD), while high-end or luxury one-bedroom units in new buildings or renovated central properties can reach €100,000 to €140,000 ($104,000 to $146,000 USD).
One-bedroom apartments in Riga typically range from 40 to 50 square meters, with 45 square meters being a common size in both Soviet-era buildings and newer developments.
How much is a two-bedroom apartment in Riga in 2026?
As of January 2026, a typical two-bedroom apartment in Riga costs around €105,000 (approximately $109,000 USD), which is the most popular size for families and the workhorse of Riga's apartment market.
Entry-level to mid-range two-bedroom apartments in Riga range from €70,000 to €120,000 ($73,000 to $125,000 USD) in standard housing estates, while high-end or luxury two-bedroom units in new projects or premium locations can cost €150,000 to €220,000 ($156,000 to $229,000 USD).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Riga.
How much is a three-bedroom apartment in Riga in 2026?
As of January 2026, a typical three-bedroom apartment in Riga costs around €140,000 (approximately $146,000 USD), though prices swing widely depending on whether you're buying in an outer district or a central new-build project.
Entry-level to mid-range three-bedroom apartments in Riga's housing estates typically cost €95,000 to €150,000 ($99,000 to $156,000 USD), while high-end or luxury three-bedroom units in new developments can reach €200,000 to €320,000 ($208,000 to $333,000 USD).
Three-bedroom apartments in Riga are typically between 70 and 90 square meters, with around 80 square meters being a common size, offering enough space for families with children.
What's the price gap between new and resale apartments in Riga in 2026?
As of January 2026, new-build apartments in Riga typically cost 60% to 90% more per square meter than resale standard-type apartments, making this one of the biggest price gaps you'll encounter in any European capital.
The estimated average price per square meter for new-build apartments in Riga is around €2,200 to €2,600 ($2,290 to $2,704 USD), with premium central locations reaching €2,800 to €3,200 per square meter.
By contrast, resale standard-type apartments in Riga average around €865 per square meter ($900 USD), with cheaper districts like Bolderāja at €650 per square meter and pricier estates like Āgenskalns at €1,070 per square meter.
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Can I afford to buy in Riga in 2026?
What's the typical total budget (all-in) to buy an apartment in Riga in 2026?
As of January 2026, the typical all-in budget to buy a standard apartment in Riga ranges from €85,000 to €120,000 ($88,000 to $125,000 USD) for a budget buyer in a housing estate, €120,000 to €170,000 ($125,000 to $177,000 USD) for mid-market renovated units, and €160,000 to €240,000 ($166,000 to $250,000 USD) for new-build two-bedroom apartments.
The all-in budget includes not just the purchase price but also the Land Register state fee (1.5% for individuals), notary fees (€150 to €250), translation and interpreter costs for foreigners (€150 to €500), and recommended legal due diligence (€500 to €1,500).
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Riga property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Riga.
What down payment is typical to buy in Riga in 2026?
As of January 2026, the typical down payment for a Riga apartment is around 20% to 25% of the purchase price for buyers with EU or Latvian income, which translates to roughly €21,000 ($22,000 USD) on a €105,000 apartment.
Most Latvian banks require a minimum down payment of 15% to 20% for residents with strong income documentation, though this floor can be higher depending on the property type and borrower profile.
For foreign buyers without Latvian income or those paid abroad, the recommended down payment to secure favorable mortgage terms is 30% to 40%, meaning you should plan for €32,000 to €42,000 ($33,000 to $44,000 USD) on that same €105,000 apartment.
You can also read our latest update about mortgage and interest rates in Latvia.
We made this infographic to show you how property prices in Latvia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Riga in 2026?
How much does the price per m2 for apartments vary by neighborhood in Riga in 2026?
As of January 2026, apartment prices per square meter in Riga range dramatically from about €650 ($676 USD) in the cheapest outer districts to over €2,600 ($2,704 USD) in premium new-build locations, with most standard housing estates falling somewhere between €800 and €1,100 per square meter.
The most affordable neighborhoods in Riga for standard-type apartments are Bolderāja at around €650 per square meter ($676 USD), Vecmīlgrāvis at roughly €690 per square meter ($718 USD), and Ķengarags at approximately €850 per square meter ($884 USD).
The most expensive neighborhoods for standard-type apartments in Riga are Āgenskalns and Teika, both trading around €1,070 per square meter ($1,113 USD), while new-build projects in Skanste or the city center can reach €2,500 to €3,500 per square meter ($2,600 to $3,640 USD).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Riga.
What neighborhoods are best for first-time buyers on a budget in Riga in 2026?
As of January 2026, the top three neighborhoods for first-time buyers on a budget in Riga are Ķengarags, Iļģuciems, and Jugla, all offering good value per square meter without being too far from the city center.
In these budget-friendly Riga neighborhoods, typical apartment prices range from €45,000 to €75,000 ($47,000 to $78,000 USD) for a two-bedroom unit, with per-square-meter prices running €800 to €900 ($832 to $936 USD).
These neighborhoods offer solid public transport connections to central Riga, established infrastructure with schools and shops, and a mix of building types that gives buyers options across different conditions and layouts.
The main trade-off of buying in these budget-friendly areas is that many buildings are Soviet-era constructions that may need renovation, and the aesthetic appeal is more utilitarian than charming compared to central Riga districts.
Which neighborhoods have the fastest-rising apartment prices in Riga in 2026?
As of January 2026, the top three neighborhoods with the fastest-rising apartment prices in Riga are Teika, Āgenskalns, and Purvciems, all benefiting from a combination of strong demand, lifestyle appeal, and proximity to new development activity.
The estimated year-over-year price increase for these fast-appreciating Riga neighborhoods is roughly 5% to 8%, outpacing the citywide average of about 4% annual growth for standard apartments.
The main driver behind rapid price growth in these neighborhoods is the spillover effect from nearby new-build projects, combined with strong demand from young professionals and families seeking walkable, well-connected locations.
You can also read our latest update about property price forecasts in Riga.
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What extra costs will I pay on top of the apartment price in Riga in 2026?
What are all the buyer closing costs when you buy an apartment in Riga?
The estimated total buyer closing cost for a typical €105,000 apartment purchase in Riga is around €3,000 to €5,500 ($3,120 to $5,720 USD) for a cash buyer, or €4,500 to €7,500 ($4,680 to $7,800 USD) if you're taking a mortgage.
The main categories of closing costs buyers must pay in Riga include the Land Register state fee (1.5% of property value), notary fees (€150 to €250), translation and interpreter services (€150 to €500 for foreigners), and optional but recommended legal due diligence (€500 to €1,500).
The largest closing cost for buyers in Riga is clearly the Land Register state fee at 1.5% of the property value, which comes to €1,575 on a €105,000 apartment and is non-negotiable for individual buyers.
Some closing costs are negotiable or can vary between transactions in Riga, particularly legal and due diligence fees, translation costs (depending on language needs), and whether you use a buyer's agent, whose fees vary widely and are sometimes split with the seller.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Riga?
The typical percentage that buyers should budget for closing costs when purchasing an apartment in Riga is around 3% to 4% of the purchase price for a straightforward cash transaction, rising to 4% to 6% if you're financing with a mortgage.
The realistic low-to-high percentage range that covers most standard transactions in Riga is 2.5% to 6%, with the lower end representing simple cash deals with minimal legal work and the upper end accounting for mortgage-related fees and comprehensive due diligence.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Riga.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Latvia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the ongoing monthly and yearly costs of an apartment in Riga in 2026?
What are typical HOA fees in Riga right now?
HOA fees (called building management or maintenance fees in Latvia) are common in Riga, and the typical monthly fee ranges from €35 to €70 ($36 to $73 USD) for a 60 square meter apartment in a standard Soviet-era building, which works out to around €0.60 to €1.20 per square meter per month.
The range of HOA fees in Riga spans from basic Soviet-era buildings at the lower end to newer developments at the higher end, where you might pay €70 to €150 ($73 to $156 USD) per month for the same 60 square meter apartment due to better amenities, elevators, security, and energy efficiency programs.
What utilities should I budget monthly in Riga right now?
The estimated total monthly utility cost for a typical 60 square meter apartment in Riga is around €90 to €160 ($94 to $166 USD) in summer months and €170 to €320 ($177 to $333 USD) in winter months when heating kicks in.
The realistic range depends heavily on apartment size, building energy efficiency, and personal consumption habits, with smaller studios potentially paying €60 to €100 ($62 to $104 USD) in summer and larger three-bedroom units reaching €250 to €400 ($260 to $416 USD) in peak winter.
Specific utilities included in the typical monthly budget in Riga are district heating, cold and hot water, wastewater, electricity, and sometimes gas for cooking, with each billed separately based on consumption or building allocation formulas.
The most expensive utility for apartment owners in Riga is district heating, which can account for 50% to 70% of your total utility bill during winter months, with the regulated tariff set at around €83 per MWh before VAT as of late 2025.
How much is property tax on apartments in Riga?
The estimated typical annual property tax for an apartment in Riga ranges from €100 to €400 ($104 to $416 USD) depending on the property's cadastral value and whether you qualify for the reduced residential rate.
Property tax in Riga is calculated as a percentage of the cadastral value (not market value), with residential apartments qualifying for rates of 0.2% for cadastral values up to €57,000, 0.4% for values between €57,000 and €107,000, and 0.6% for values above €107,000, provided at least one person is registered as a resident.
The realistic range of annual property tax in Riga depends on your specific situation, running as low as €50 to €100 ($52 to $104 USD) for modest apartments with tax relief, up to €500 to €800 ($520 to $832 USD) for higher-value properties without relief or those not meeting residency registration requirements.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Riga.
What's the yearly building maintenance cost in Riga?
The estimated typical yearly building maintenance cost for apartment owners in Riga is around €500 to €1,200 ($520 to $1,248 USD) for a 60 square meter unit in a standard Soviet-era building, covering the regular HOA/management fees plus any repair fund contributions.
The realistic range of yearly maintenance costs in Riga spans from €400 to €800 ($416 to $832 USD) for basic older buildings with minimal services to €900 to €2,000 ($936 to $2,080 USD) for newer buildings with elevators, parking, security, and higher service standards.
Expenses typically included in building maintenance costs in Riga are building management administration, common area cleaning, stairwell lighting, elevator maintenance (if applicable), minor repairs, and contributions to a repair fund for major works like roof or facade renovation.
Building maintenance costs in Riga are essentially the same as HOA fees for most practical purposes, though some buildings may levy separate special assessments for major capital projects on top of the regular monthly fees.
How much does home insurance cost in Riga?
The estimated typical annual home insurance cost for an apartment in Riga is around €120 to €250 ($125 to $260 USD) for standard coverage, which works out to roughly €10 to €21 per month.
The realistic range of annual home insurance costs in Riga depends on coverage level and property value, starting at €80 to €120 ($83 to $125 USD) for basic structural coverage and rising to €250 to €400 ($260 to $416 USD) for comprehensive policies that include contents, liability, and additional riders.
Home insurance in Latvia is optional for apartment owners, not mandatory, though mortgage lenders typically require at least structural coverage as a condition of the loan, and most financial advisors recommend it regardless.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Riga, we always rely on the strongest methodology we can, and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| ARCO Real Estate Standard-Type Apartment Overview | ARCO is one of Latvia's leading real estate firms with decades of market data. | We used ARCO's Riga housing estate data as our baseline for standard apartment prices per square meter by neighborhood. We projected these figures into early 2026 using their reported growth trends. |
| ARCO Real Estate Market Hub | The publisher's own archive of recurring market reports. | We validated that ARCO's reports are a regular data series, not one-off publications. We used the hub to cross-check timing and methodology descriptions. |
| Central Statistical Bureau of Latvia House Price Index | CSB is Latvia's official national statistics agency. | We used the official house price index to verify the direction of price movements and ensure our 2026 estimates align with recent momentum. |
| Ministry of Justice Land Register Fee Guidance | Official government ministry explaining Land Register fee rules. | We used this to price the 1.5% state fee for registering ownership, which is the largest buyer closing cost in Latvia. |
| Likumi.lv Land Register Fee Regulation | Latvia's official consolidated legislation portal. | We used this legal text to verify the statutory basis for Land Register fees and ensure our closing cost section is legally accurate. |
| European e-Justice Portal Latvia Land Register | EU portal explaining how national land registers work. | We used this to explain how Latvia's Zemesgrāmata system works for readers unfamiliar with the local registration process. |
| Riga City Council Property Tax Relief | The municipal authority that administers property tax in Riga. | We used this to explain Riga-specific tax rates and relief conditions, including the requirements for the reduced residential rate. |
| SPRK District Heating Tariff Decision | SPRK is Latvia's national public utilities regulator. | We used the regulated heating tariff to calculate realistic winter utility costs for Riga apartments. |
| SPRK Water and Wastewater Tariffs | Same national regulator confirming municipal water rates. | We used the approved water and wastewater tariffs to build realistic monthly utility budgets for different apartment sizes. |
| Sadales tīkls Electricity Distribution Tariffs | Latvia's national electricity distribution operator. | We used their tariff examples to ground our electricity cost estimates and understand the fixed plus variable billing structure. |
| Global Property Guide Latvia Analysis | Respected international property research platform. | We used their Latvia price history and rental yield data to cross-validate our price estimates and growth rates. |
| Latvia Sotheby's Premium Market Report | Major international luxury real estate brand with local data. | We used their H1 2025 premium segment analysis to validate new-build pricing and understand the high end of the Riga market. |
| Belyaev & Belyaev Ownership Costs Guide | Latvian law firm specializing in real estate transactions. | We used their acquisition and ownership cost breakdown to validate closing costs, notary fees, and ongoing maintenance ranges. |
| Latvia State Revenue Service Real Estate Tax | Official tax authority explaining property tax rules. | We used this to verify the legal framework for property tax calculation and the cadastral value basis. |
| SEB Latvia Home Insurance | Major Baltic bank with transparent insurance products. | We used their product information to estimate typical home insurance costs for Riga apartments. |
| CEIC Data Riga Apartment Prices | Professional economic database tracking Latvian housing data. | We used their monthly Riga apartment price series to validate room-count pricing differentials and historical trends. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Latvia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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