Land

The purpose of land property use is determined either by its current usage; or the allowed purpose of use is specified in the municipality territorial plan (detailed planning). The purpose of use is determined by the municipality and the territorial plan where the property is located in.

According to the purpose of use, land properties can be divided into two categories:

• Land for construction purposes;
• Land that’s primary purpose of use is not for construction.

Land that’s primary purpose of use is not for construction, according to these regulations, is a territory used for agriculture, forestry, abstraction of water bodies, mining of mineral resources or preservation of natural sites and recreation, etc.

Land for construction purposes, according to these regulations, is a land with already existing construction or a construction plan.

Land with already existing construction is land that, in accordance with lawful use, is used for the maintenance of buildings, engineering communications or utilities; and land with a construction plan is land for which a construction permit is issued, for which construction is about to be carried out according to the municipality territorial plan or which, in accordance with the detailed planning, is planned (permitted) to be used for the maintenance of buildings, engineering communications or utilities.

However, land owners who are selling land usually divide land types as follows:

• Land for private construction;
• Land for commercial construction.

Both land for private construction (mostly demanded by local inhabitants) and land for investment and development projects (mostly demanded by foreign entrepreneurs) are demanded.

Lately, local inhabitants show an increased interest in land properties for private construction in the close suburbs of Riga – Baltezers, Berģi, Ādaži, Katlakalns, Mārupe, Jaunmārupe, Ķekava, Garkane.

Clients also have a constant and persistent wish to purchase land for a further development of a summer or countryside residence – we have observed that the most viewed advertisements are about selling land by the seaside and Latvian rivers. The most popular locations for holiday residences are Jūrkalne, Kolka, Pāvilosta, Liepāja, Saulkrasti, Lapmežciems, Ragaciems, Mērsrags, Engure.

Land as an investment

Real estate as a long-term investment has proven itself over decades and still remains as one of the most popular types of investment. Often investors choose to invest in land property purchase, including agricultural land, forests, strategically important territories, etc.

Land purchased at the right time and for a successfully valued price gives an investor the potential for development and profit with comparatively low risks: unlike securities, land cannot lose its value – it cannot become outdated, outworn or collapse.

We would like to share a few simple recommendations that will help those who wish to purchase land in Latvia:

• Strategically chosen location. The location of land, just like of any other real estate, is the most important parameter.
• When choosing land for construction, neighbourhood also plays a big role: neighbours, adjacent infrastructure and available communications, proximity to the city centre. When it comes to commercial construction, one has to consider the following criteria: permitted construction parameters, intensity and the permitted number of building storeys, access options, the importance of location in the long-term, traffic flow intensity. It is also worth inspecting the general development plans for the territory as well as the most important development / infrastructure projects planned nearby.
• Infrastructure. Always pay attention to the development level of infrastructure. Everything matters: engineering communications, roads, public transport proximity, bicycle paths, communications.
• Evaluate the possible encumbrances related to the land property – look for red street lines, buildings at the neighbouring properties that might affect the building’s location within the property, servitude, underground engineering communications. Vestabalt will cooperate with an architect and carry out a feasibility study of any land property – a detailed analysis of construction parameters, preparation of the general plan solutions as well as an analysis of the possible risks.

Vestabalt sales experts will help you with selling land as well as purchasing a land property that best suits your needs.

Land properties offered by Vestabalt

Either you’re planning to purchase a land property to build your own house or purchase land as a long-term investment, each of the offered properties must be carefully evaluated by analysing and inspecting all the available information.

One has to be aware of the previous constructions and future construction plans for that location, the land’s purpose of use, encumbrances and the future development potential.

Services offered by Vestabalt company also include customer consultations, comprehensive support for land property search and legal support when purchasing and and selling land. If you wish to purchase land, the long-term experience in the real estate field of our real estate experts, lawyers, tax consultants and detailed planning experts (architects) will help you find and choose the best land property for you.

Either you’re planning to purchase a land property for private use or long-term investment, we will help you find the most suitable construction land or real estate with land. Vestabalt real estate database features all kinds of land properties:

• Land for private construction;
• Land by the seaside, river or lake;
• Land for commercial construction;
• Forestry land;
• Agricultural land;
• Land for manufacturing construction;
• Land with already existing development projects such as multi-apartment buildings, office buildings and warehouses.