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
Where are the best places to invest in Riga right now? Is the Old Town still the top pick, or are neighborhoods like Āgenskalns, Mežaparks, and Teika gaining ground? What makes these locations attractive to both local and foreign investors?
We’re often asked these questions because we work directly with notaries, real estate agents, and clients who invest across the city. Our firsthand experience in these markets gives us unique insights into where the real opportunities lie. To save everyone from asking privately, we’ve written this article to share our knowledge broadly.
Our goal is to highlight the hottest markets in Riga and explain why they’re worth your attention in 2025.
If you have suggestions or want us to dive deeper into a specific area, let us know. You shoot an email, we answer within 24 hours.
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1) Mezaparks is gaining attention for its green spaces and family-friendly atmosphere
Mežaparks is gaining popularity thanks to its lush green spaces and family-friendly vibe.
In recent years, property prices in Mežaparks have shot up, showing a strong demand for homes. This surge in interest is likely because people are drawn to the neighborhood's attractive features.
Families are flocking to Mežaparks, as demographic data reveals a growing number of households with children aged 0-14. This makes Mežaparks a top choice for families looking to settle down in a welcoming community.
Local infrastructure is getting a boost, with projects like the revamp of the Mežaparks Open-Air Stage. This upgrade aims to enrich cultural and recreational offerings, making the area even more appealing to both residents and visitors.
New parks and recreational facilities are popping up, adding to the neighborhood's charm. These developments enhance the quality of life and make Mežaparks a more attractive place to live.
With its combination of natural beauty and improved amenities, Mežaparks is becoming a sought-after destination for those looking to enjoy a balanced lifestyle.
Sources: Liveriga, City Population, Wikipedia
2) Skanste is gaining attention as a business district with demand for modern offices and upscale homes
Skanste is quickly becoming Riga's go-to business district.
In recent years, new business registrations in Skanste have surged, making it a hot spot for companies setting up shop in the city. This boom is part of a larger trend, as Riga's economic profile positions Skanste as a hub for thriving businesses. The area is buzzing with activity, and it's not just about office spaces.
Investors are pouring money into Skanste, with projections hitting around €800 million by 2024. This isn't just about building offices; it's about creating a whole ecosystem. Think residential buildings, a conference and concert center, and all the modern amenities you could want. This cash flow is turning Skanste into a lively business district.
Big names are moving in, and it's changing the game. Multinational companies like Tele2 Shared Service Center and Accenture have set up shop here, bringing thousands of jobs with them. This influx of professionals is driving up the demand for sleek, modern office spaces that are energy-efficient and packed with the latest features.
With all these developments, Skanste is not just a place to work; it's becoming a place to live and play. The area is transforming into a vibrant community, attracting both businesses and residents who want to be part of this dynamic environment. It's a place where work-life balance is more than just a buzzword.
For anyone considering a move to Riga, Skanste offers a unique blend of business opportunities and lifestyle perks. It's a district on the rise, with a lot to offer for those looking to invest in property or simply enjoy the benefits of a thriving community.
Sources: Wikipedia, Newsec Property Outlook Autumn 2023, The Economic Profile of City Riga
We have made this infographic to give you a quick and clear snapshot of the property market in Latvia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Agenskalns is attracting interest for its charming wooden architecture and rising demand for renovated apartments
Agenskalns is becoming a hot spot thanks to its charming wooden architecture and the rising demand for renovated apartments.
In recent years, property prices in Agenskalns have surged, drawing attention from both local and foreign investors. This neighborhood's unique architecture and historical charm make it a magnet for those looking to invest in a distinctive area.
The buzz around Agenskalns has led to a noticeable increase in real estate transactions. Families, especially those with children, are snapping up properties, adding to the growing number of deals. Investors from places like Russia and China are also eyeing the area, further fueling its popularity.
Media outlets have been spotlighting Agenskalns, showcasing its architectural beauty and dubbing it a must-see in Riga. The local government is actively working to preserve and renovate the wooden buildings, which enhances the neighborhood's appeal and keeps its historical vibe intact.
These preservation efforts are not just about maintaining history; they are drawing more visitors and potential buyers. The charm of Agenskalns is becoming a well-known secret, attracting those who appreciate its unique character.
With its blend of history and modern appeal, Agenskalns is capturing the interest of a diverse range of buyers. The neighborhood's transformation is a testament to its growing allure and the increasing demand for its properties.
Sources: Latvia Sotheby's Realty, Nomad Capitalist, City Population
4) Bolderaja is gaining interest for its affordable housing and future development potential
Bolderaja is becoming a hotspot for affordable housing seekers.
With property prices in central Riga skyrocketing in recent years, many buyers are turning their attention to more budget-friendly areas like Bolderaja. Riga's property prices have seen the highest increase in the EU, pushing potential homeowners to explore alternatives. This shift is making Bolderaja an attractive option for those looking to invest in a home without breaking the bank.
The Latvian government is also stepping up efforts to expand affordable housing, which could further enhance Bolderaja's appeal. They're working on new rules to establish a housing fund aimed at addressing shortages. This initiative reflects a strong commitment to making housing more accessible, potentially drawing more interest to Bolderaja.
Foreign investors are increasingly eyeing Latvian real estate, with a notable portion of property transactions being completed by non-locals. This growing interest from abroad highlights the potential of areas like Bolderaja as viable investment opportunities. The influx of foreign capital is a testament to the area's promise and potential for growth.
All these factors combined make Bolderaja a compelling choice for those seeking affordable housing with room for future development. The area's potential is being recognized not just locally, but internationally, as more people discover its value.
As Bolderaja continues to attract attention, it stands out as a promising area for both homebuyers and investors. The combination of government initiatives and foreign interest is setting the stage for its growth, making it a place to watch in the coming years.
Sources: LSM, Nomad Capitalist, 137.lv
5) Imanta is gaining popularity for its urban amenities and nature access, attracting young families
Imanta is becoming a hot spot for young families thanks to its perfect blend of city life and nature.
In recent years, property prices in Imanta have been climbing, indicating a growing interest in the area. This trend is highlighted by new housing projects like "Vertikāles," a significant investment that underscores developers' confidence in Imanta's potential.
Real estate development is booming, with companies like Bonava Latvija constructing numerous new apartments. This surge suggests that young families are increasingly choosing Imanta as their home. Despite a slight decrease in Riga's overall population, Imanta is bucking the trend by attracting more young families.
Imanta's charm lies in its urban amenities and easy access to nature. The local government is enhancing public transport, offering better routes and timetables to make commuting a breeze. This improvement significantly reduces travel times, making daily life more convenient for residents.
The neighborhood is also experiencing a rise in local businesses, such as cafes and shops, which cater to families and add to the area's appeal. These businesses contribute to Imanta's growing reputation as a family-friendly community.
With its unique mix of city conveniences and natural beauty, Imanta is becoming a preferred choice for young families looking for a balanced lifestyle.
Sources: Live Riga, Tribus, Macrotrends
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6) Ziepniekkalns is gaining interest with rising property values due to new infrastructure and better public transport links
Ziepniekkalns is becoming a hot spot for property buyers thanks to new infrastructure and better public transport.
The introduction of trolleybus route No. 4 has been a game-changer, replacing the old bus route No. 40. This upgrade not only cut down on air pollution but also made it easier to reach key spots like trade centers and parks. As a result, the area is now more appealing to both residents and investors.
The Latvian government has poured money into road and public transport improvements, which has been a big boost for Ziepniekkalns. These enhancements have made the area more accessible and connected, driving up property demand and values. Interestingly, while property sales in Riga have dipped, sales in areas like Ziepniekkalns are on the rise.
Real estate agents are noticing a shift in what people want. With more folks working from home, there's a growing desire for larger homes in quieter, suburban spots like Ziepniekkalns. This craving for space and tranquility is making the area more popular.
Improved public transport and new amenities are likely making residents happier, which in turn boosts the area's attractiveness. The combination of these factors is creating a buzz around Ziepniekkalns, making it a sought-after location.
Sources: Rīgas Satiksme, Arco Real Estate
7) Maskavas Forstate is gaining interest for its revitalization and historic properties with renovation potential
Maskavas Forstate is becoming a hotspot for those eyeing historic properties with renovation potential.
In recent years, property values have been climbing, showing a surge in interest and investment. Take the new residential complex, Elijas Nami, for example. It blends modern amenities with historical charm, perfectly capturing the neighborhood's evolving vibe.
The government's push to upgrade infrastructure and public spaces is a game-changer. New additions like the promenade have made the area more inviting for both locals and tourists. Plus, the uptick in renovation projects and permits shows a strong drive to modernize while keeping that old-world charm intact.
Media outlets are buzzing about Maskavas Forstate's makeover, spotlighting its potential. New businesses and amenities are popping up, especially around the Central Market and the revamped Spīķeri neighborhood. This is attracting young professionals and families, shifting the area's demographics in a positive direction.
Local authorities are all in, offering historical preservation grants and incentives to boost the renovation of old properties. Real estate reports and resident testimonials highlight the district's growing allure. City council's urban development plans lay out a roadmap for ongoing revitalization, ensuring Maskavas Forstate stays on the radar for new investments and residents.
Sources: Elijas Nami Development, Infrastructure Investment
8) Teika is popular with young professionals for its affordable homes and closeness to tech hubs
Teika is quickly becoming a hotspot for young professionals.
With affordable housing options and a strategic location near tech hubs, Teika is drawing in those starting their careers. The area has seen a surge in property sales, indicating a growing demand for residential apartments. This demand is fueled by the neighborhood's potential for growth, making it an attractive choice for young professionals.
While property prices in Teika are higher than in some other neighborhoods, they are still more affordable compared to other districts in Riga. This affordability, coupled with the neighborhood's charm, is causing demographic shifts. More young professionals and families are moving in, as highlighted by local government reports.
Teika's proximity to major tech companies and business parks in Riga is a significant draw. The city is a dynamic business center, and Teika's location is ideal for those working in the tech industry. The neighborhood also boasts an extensive public transport network, with multiple bus, tram, and trolleybus lines connecting it to other parts of the city, including tech hubs.
Young professionals are particularly attracted to Teika because of its easy access to tech hubs and the vibrant community atmosphere. The area offers a blend of modern amenities and a welcoming environment, making it a perfect place for those looking to balance work and leisure.
Teika's growth is not just about numbers; it's about creating a community where young professionals can thrive. The neighborhood's strategic location and affordability are key factors in its appeal, making it a top choice for those looking to settle in Riga.
Sources: Urban Treetops, Live Riga
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.
9) Zolitude is attracting buyers with its competitive prices and easy access to Riga International Airport
Zolitude is drawing buyers with its competitive property prices compared to other neighborhoods in Riga.
Imagine snagging a 2-bedroom apartment in Zolitude for about €180,000, while a similar place in Vecriga would set you back around €289,000. This price gap makes Zolitude a hot spot for those eyeing property in the area.
Besides the attractive prices, Zolitude's location is a winner for frequent travelers. Convenient access to Riga International Airport is a big plus, with Bus No. 22 and Minibus No. 222/241 making the commute a breeze.
For those who travel often or work near the airport, this easy accessibility is a game-changer. You can get to the airport quickly without the hassle, thanks to the frequent public transport options.
The buzz around Zolitude is evident in the property sales scene. Many apartments are hitting the market, with prices ranging from €57,800 to €180,000, showing a strong interest from buyers.
This trend highlights that more people are catching on to the perks of living in Zolitude, boosting demand in the area and making it a sought-after neighborhood.
Sources: Global Property Guide, University of Latvia, MM.lv
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.