Latvia is a country that encourages foreign investment more than the average, and the government’s encouragement of these investments means that those wishing to purchase off plan property are well catered for and should not experience too many niggles. Accession to the EU in 2004 has helped the Latvian economy no end, and the constant upturn of the nation’s fortunes has left Latvia as one of the fastest growing economies in Europe – though it has some of the lowest paid workers in the region, they are about to receive one of the largest rises in pay that any country has ever had. Interest rates are constantly falling as are the national debts, whereas property prices are on a constant rise – all this means that Latvia is looking more and more like a success story with each passing year. The country is sure to adopt the Euro as it’s currency within the next few years, which is bound to act as the catalyst for an even stronger economy, and an impetus on encouraging foreign investment shows the forward-thinking nature and dedication of Latvia to turn their fortunes around from the dilapidation of the Soviet era.

Riga is the obvious choice as the most popular region in the country, and property prices are still surprisingly low – amongst the cheapest in Europe – in a number of areas in and around the city even though prices have risen by around 40 percent in some places. With things going the way they are, property prices are sure to carry on rising nationwide, and it’s a safe bet to say that Riga will be amongst the soundest investments in coming years – as some have said (Property Frontiers, to be precise): “Check it out before it’s chocka.” Off plan property investors in Latvia should seek to target the local market and buy into the property sector cheaply, then hold assets while wages and prices rise.

Latvia is a nation with the hunger for a successful country – beginning with a strong economy – and the relatively recent independence has given far more drive to the nation for it to achieve these goals. Increasing levels of tourism, a fast turn around from the near-backwards nature of the Latvia of the Communist era, membership to the EU and the certainty that the Euro will soon be adopted, as well as the fact that there are wonderful properties available for the fraction of the cost of those in the more popular European countries all means that there are more than enough reasons for the off plan investor to put their money into Latvia.