Total Area: 64,600 km²
GDP (in billion USD): 28
Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia, to the south by Lithuania & to the east by Russia.
The average price of apartments in Riga rose by 2.06% to LVL693 (€989) per square meter (sq. m.) during 2012, the lowest year-on-year increase since May 2010, according to OberHaus. Adjusted for inflation property prices rose just 0.48%. During the latest quarter, average Riga apartment prices were unchanged.
Arco Real Estate's data supports this, showing Riga house prices up 2.06% (0.54% in real terms) during the year to November 2012. During the latest quarter, house prices were again unchanged.
The total number of completed new dwellings dropped by 11% in the first three quarters of 2012 from the same period last year, according to the Central Statistical Bureau of Latvia (CSB).
Housing loans are falling. In December 2012, total loans for house purchase dropped by 11% to LVL3.75 billion (€5.35 billion) from the same period last year, according to the Bank of Latvia.
Real estate investment in Latvia confers residency status. A foreigner can receive permanent residency in Latvia.