Residential estate in Latvia
As of 2017, Latvian residential real estate market is in its growing phase. On average, the prices for real estate grew by 9.75% in the last year, while demand also increased by 10.5%. This is all despite the fact that the economy only grew by 0.8% in the same period, which allows predicting the continuation of this growth in the nearest future. Two other factors that may have contributed to this growth are declining mortgage interest rates, which make applying for a loan easier, and the introduction of the Mortgage Loan Programme in 2015, which allows applying for mortgage with state-issued guarantees.

In 2009, there was a drop in supply of residential real estate, meaning that fewer houses and apartment complexes were built. Many of the projects started at that time were subsequently frozen and are only now returning to activity. Some of them are still being completed. I general, the housing supply is recovering slowly, but steadily - around 2 500 new units are being completed annually, which is a growth of about 20% from the previous periods. Despite that, it is still far from the pre-2009 peak of 9 000.

https://propertyguide.lv/en/types/usage/residential/