Real Estate Company Mercury Group Estate LLC offers a complete package of services for those wanting to buy a property in Latvia.
Our property database contains many thousands of current residential and commercial properties, which allows us to offer you exactly what you are looking for:
- properties suitable for obtaining a residence permit for 5 years;
- apartments in the embassy district of Rīga and the most popular districts of Jūrmala;
- exclusive mansions and villas in Jūrmala;
- new apartment projects in Rīga, Jūrmala and the Rīga Region;
- cottages and townhouses in Jūrmala, Rīga and other developing areas;
- affordable and new housing in Rīga;
- commercial properties;
- investment projects such as land parcels for residential and commercial development, hotels, housing estates, etc.
Reasons for buying a property and our capabilities
1. If you want to buy a property in Latvia in order to obtain a temporary residence permit, we can offer you a wide range of properties matching this programme, including: flats in new projects in Rīga and Jūrmala, apartments that are fully furnished or with white goods, or cottages and townhouses in new housing estates and developing districts, in Rīga and beyond.
2. If you want to purchase an exclusive property, our professional managers can provide you with information about premium real estate, including many properties that you will not find in open sales. We will plan and arrange for your arrival, make a schedule for property visits, and provide a VIP service during your stay, as well as full legal support to complete the deal.
3. If you are looking for an apartment or a house for yourself, we will try to thoroughly understand exactly what you want to buy, and will search for all possible properties for sale (in our database and in the databases of the most active real estate companies – our partners), before quickly providing you with a list of properties that most perfectly match your supplied criteria.
4. If you want to invest in an apartment/house to rent, we can offer the services of a professional with specific knowledge in this field, who will offer you properties with a stable profit level.
As our customer, you will receive:
1. VIP service and well-planned organisation for your arrival inLatvia.
2. Constant monitoring of the real estate market and professional assistance in selecting a property.
3. Valuations and a legal and technical examination of the property (if necessary).
4. Assistance and advice in obtaining a loan under the most favourable conditions offered by stable local banks.
5. Assistance in opening accounts in Latvian banks.
6. Legal support throughout every stage of the deal (including prepayment and purchase contracts and preparing transaction accounts), coordination of appointments with notaries, banks, etc. (depending on the agreement), and registration of your title in the Land Registry and the conclusion of contracts with service providers.
7. Assistance in obtaining a residence permit for buying real estate in Latvia.
Stages of purchasing real estate in Latvia:
1. Preliminary analysis of the real estate market, with recommendations on locations and properties, and evaluations of the investment prospects of the properties.
2. Preparations for a visit toLatvia, including coordination and approval of a schedule to inspect the most appropriate selected properties.
3. Visit toLatviaand inspection of the properties, with a tour ofCentral Rīgaand Jūrmala (as well as other areas), in order to understand the Latvian infrastructure in relation to the inspected properties.
4. Property selection and the conclusion of an earnest agreement or purchase contract (depending on the situation).
5. Opening a personal account in a Latvian bank (if necessary).
6. Securing a loan, through negotiating with a Latvian bank (if necessary).
7. Signing of an escrow account agreement with a Latvian bank (at an average cost of between €213 - €430) or a deed.
8. Sign a purchase contract, with a legal inspection of the deal by a Latvian notary and title verification. The notary’s fee is between €100 - €150. For a list of licensed notaries, see: www.notary.lv.
9. Signing of a title re-registration petition with the notary, to be kept with the notary.
10. Transfer the purchase price to the bank transaction account or to the notary’s storage account.
11. Pay state duties:
- State duty for title registration – 2% of the property value;
- Office duty €28.46.
* For non-residents filing an application to receive a Council’s certificate for property purchase approval (which concerns land, and DOES NOT apply to all objects), an official response should be received within 21 working days.
12. Provide the purchase contract, the receipts for the payment of the state duty and office duty, the certificate of the transaction account condition at the time of the contract signing, and the notary’s authorised petition to the Land Register for the title re-registration in the buyer's name.
13. Receive the Land Register certificate in the buyer’s name (normally within 14 days).
14. Submit the Land Register certificate to the bank or notary and open a transaction account in favour of the seller.
15. Complete the property transfer and sign contracts with service providers.
The whole purchase process will take between two weeks to one month from the moment the contract is signed until the conclusion. This term may also vary slightly, depending on each specific case.
A thorough legal inspection of the selected property will be performed before purchasing real estate. This includes:
- confirming registration of the property in the Land Register, according to the legislation of the Republic of Latvia;
- verification of the previous owner’s title;
- if the property is privatised, confirming whether the privatisation process has been completed according to the legislation of the Republic of Latvia;
- verifying whether real estate tax has been paid for the current calendar year;
- reviewing mortgages and loans, and checking whether the property is pledged or mortgaged (including which bank, the loan terms and the payback period);
- reviewing whether the property is encumbered or is the subject of legal proceedings, prohibitions or a disputes issue in favour of third parties;
- confirming that the land parcel does not have illegal buildings;
- confirming that the land use objective is clear;
- checking whether the property has restrictions (protection zones, red lines, engineering communications, construction prohibitions in connection with area development plans, coastlines, etc.).
Taxes and maintenance costs
1. The real estate tax for the current calendar year, when purchasing a property, is paid by the property owner. Residential property is taxed at a rate of 0.2%-0.4%-0.6%, depending on the value of the property, as follows:
- 0.2% for cadastral values not exceeding €56,915;
- 0.4% for cadastral values exceeding €56,915 to €106,715;
- 0.6% for cadastral values exceeding €106,715.
The land and commercial property tax rate is 1.5% of the property’s cadastral value.
Tax period: one calendar year.
2. The monthly costs for maintenance, utilities, servicing, etc., depend on the local government servicing the property, as well as the type of heating system and the tariffs of other service providers. Data on these costs shall be provided in the course of working on each specific property.
Our team of experienced real estate agents will select a property that fully matches your requirements in the shortest time possible!