Briefly about the main thing
Jurmala– the very name of this Baltic resort is associated with our compatriots with mild summer weather, a rich cultural program and a bohemian lifestyle. This is exactly how the resort was in Soviet times – and this is exactly how it remains to this day.
Popular festivals that have been held here for many years have helped to form the status of Jurmala as an elite destination for tourism. And it is really chosen by celebrities, cultural figures, actors, singers and businessmen. Interesting events, classical music concerts, famous Russian pop stars and prestigious social events are still held here, and the concert hall in Dzintari is a permanent center of public attraction, and not only in the summer. But the main thing in Jurmala is its natural charm, calm lifestyle and beauty, which do not depend on the events that take place here.
Today, when Latvia is part of the European Union, Jurmala is a real European destination for living and recreation, and housing here is purchased not only by Russians and citizens of the former USSR countries, but also by Europeans, and the prices fully confirm the status of this elite resort. The highest level of comfort and coziness, excellent gastronomy and modern real estate are what form Jurmala prices, which can well be called average European.
The main difference between Jurmala and other Baltic or European places is that it is a seaside resort town with year-round infrastructure. The only exceptions are summer restaurants, which are located on the central pedestrian street and are closed in winter. Local residents live here permanently. The cold Baltic Sea is a short tourist season that lasts, in general, only in summer. Its peak is July and August, when sunny weather is almost guaranteed, and cultural events do not stop for a day. But at the same time, the unique microclimate of these places attracts a large number of foreigners who appreciate the absence of extreme heat and the healing pine air saturated with the smell of iodine from the Baltic. That is why families with children, as well as those who want to improve their health, love to come to Jurmala for holidays or permanent residence. In particular, the resort is recommended for people with respiratory problems and heart diseases. Many people prefer to rent housing here for the "long season", from May to September.
For Russians, the absolute advantage of Jurmala is the absence of a language barrier. The service here is still everywhere in Russian, which makes rest and life here very convenient. In addition, you can get to Jurmala very quickly from Moscow and St. Petersburg, because the flight from the city on the Neva takes only 1 hour 15 minutes, and from the capital about an hour and a half. That is why many buyers prefer this particular direction to live in other European countries. In addition, when buying a property with a value of €250,000, you can apply for a residence permit in Latvia – and, accordingly, the European Union. And this is visa-free travel in Europe, the opportunity to receive medical insurance, study and work in the country.
Why Jurmala?
- Convenient transport accessibility, proximity to Russia and Belarus;
- Ubiquitous Russian language and friendly attitude towards Russians;
- European level of service and quality of real estate;
- The resort lifestyle, many events, cultural events – the real estate market is always in motion;
- Excellent gastronomy, natural fresh products, a large selection of cafes, restaurants and bars;
- A large number of Russian buyers for whom buying a home in Jurmala is an opportunity to fix their funds in euros. If the housing is not used, then it can be easily rented out;
- The possibility of obtaining a residence permit of the European Union when buying a home with a cost of €250,000.
Features of the real estate market
The real estate market of Jurmala is primarily characterized by the fact that a large number of modern new buildings – apartment buildings are represented on it today, but at the same time there is a rather serious shortage of new private houses. The offer of new apartments is very diverse, and in the city you can find an apartment for almost every taste and budget. The cost of apartments with finishing in new buildings in the city center starts from €2500 per square meter.
Rent in Jurmala is in great demand – and the prices for it are quite high. The offer for renting luxury real estate is represented by a variety of objects, but during the "New Wave" the owners are used to renting their homes at high prices. After the festival left the country, prices dropped slightly, but then rose again. Renting a quality house in the summer season will be from €5000, in apartments – about €2500 per month. At the same time, the average rental yield is 3-4% per annum, but due to the high demand for housing, it is very easy to rent.
In general, experts note that the resort market cannot be called independent, it depends on foreign economic factors, including the state of the Russian market, the ruble exchange rate. The majority of real estate buyers here are traditionally Russians, so their influx or withdrawal from the market affects its condition.
As elsewhere, in order to choose a liquid object for purchase, it is necessary to seek advice from professionals who specialize in the real estate market of Jurmala. They will advise you what is better to buy for your own use, and what is better for (possible) rental.
Objects
Experts note that over the past eight years, 90% of new apartment projects have appeared on the Jurmala real estate market, and there is very little space left for building in the city center near the sea. In general, new residential complexes in Jurmala differ little from those in Moscow or St. Petersburg. Each of them necessarily has a concierge, underground Parking, maintenance of common areas and its own protected area with playgrounds. At the same time, it can be a house for both 20 apartments and 90, consisting of three or four buildings.
As for the elite complexes, there are few of them in Jurmala, of which one can distinguish the residential complex "Legend" with its own spa and beach and the house "Club of Captains", located next to the concert hall. Prices in these projects were adjusted minimally, even during the general downturn in the market. In Jurmala, the price of real estate is strongly influenced by its location. At the same time, in the very center of the city, near the sea, buyers are offered more prestigious objects, while in more remote areas they are trying to build more affordable housing.
How to find the perfect home
The main advice of market experts is to resort to the principle of compromise in choosing. The real estate market of Jurmala has its own characteristics, and the buyer needs to clearly determine the purpose of the purchase and the priority characteristics of the future housing. And, first of all, they will be the location of the house or apartment and the very quality of housing. If the district is a priority, then you need to be prepared in advance for possible renovation, if this is the internal filling of the house, then perhaps it is worth considering areas with more loyalty. It is worth preparing in advance for the fact that it is almost impossible to buy a cheap and good house on the seashore in the center of Jurmala. Although today the resort's real estate market is a buyer's market that can dictate its terms, the basis of the offer remains unchanged: this is a lot of apartments and a shortage of private houses.
The most attractive areas to buy
Jurmala stretches along the coast for 32 km, and the most prestigious points on its map are Majori, Dzintari, Bulduri and Lielupe. These are the four most popular among buyers and tenants of the area, which are also the most expensive.
Majori and Dzintari This is a famous pedestrian street, a concert hall, the main cluster of restaurants, a lot of tourists and cultural events in the summer. They are chosen by lovers of life in society, those who always like to be in the center of events. In Dzintari there is a large park, which is great for families with children,therefore, families choose the area. In Bulduri there is a small developed quarter with a market and restaurants, but in general it is very quiet and peaceful here. Lielupe – one of the most expensive, if not the most expensive, green prestigious area of Jurmala, where most of the wealthy locals live. There are large houses here, and it is absolutely impossible to find small housing (say, a house with an area of 200 sq. m.). The average area of the plots adjacent to the houses is 15-20-30 acres. There are plots with an area of 6000 sq . m . m and above. Rotas and Birznieka Upisha Streets are the "standard" of Lielupe, a quiet prestigious area with large houses and a spacious territory.
In more remote from the center Dubulty, Melluzhi, Asari, Vaivari – and more affordable prices, although options by the sea can also cost above average. The specifics of the geography of the city also lies in the fact that Jurmala is divided into two parts by a railway. Real estate located behind the railway, further from the sea, is a separate segment that is not in great demand among foreign buyers and tenants, and budgets for buying there, respectively, are lower.
Prices
Over the past year, real estate prices have been adjusted in Jurmala: there has been no increase in the cost of housing, but it has approached real market indicators. In recent years, a lot of new apartments have appeared at the resort, and competition has led to a decrease in the cost per square meter in new buildings, which has decreased from about €5000 to €3000. After the price adjustment by developers, sales became active, and if you take a wait-and-see position, you can be left without the desired object.
Many buyers ask representatives of the real estate market the question of whether it is worth waiting a little longer with the purchase, but they confidently answer that today prices have approached the most realistic, and further decline should not be expected. Although, if this question had been asked last year, the experts' answer would have been positive: "Wait a little longer."
Today, in the real estate market of central Jurmala (but not on the first line), apartment offers start from €2500 per sq. m. the apartment is fully finished, including an equipped kitchen. In the very center, the cost of apartments from developers will be from €3000 and above for «square » without finishing. In «Legend» prices reach up to €7000 per 1 sq.m. m with finishing. On average, the area of a two-bedroom apartment in Jurmala will be from 60-70 sq. m, in the center from 90 sq. m. m up to 250 sq . m . m with two bedrooms and two bathrooms. The average starting price for apartments in the center will be from 250,000-300,000 and above. A small apartment of 46 sq. m. m in the far district of Jurmala can be bought at a price of €120,000.
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As for the house market, experts conditionally divide it into four segments: worth up to 500,000, from 500,000 to 800,000, from 800,000 to 1.5 million and from 1.5 million and above. A ready-made house that does not need to be restored, outside the center of Jurmala (closer to the districts of Dubulta and Melluzhi), can be bought at a price of €250,000. In the center, near the sea, in the Dzintari and Majori districts, the initial price will be from 650,000 euros for a house with an area of about 200-250 sq. m. And there are houses for renovation, for example, a house of about 160 sq. m. m with 20 acres of old-built land, will cost the buyer 190,000.
Purchase Features
Real estate transactions in Jurmala are transparent and secure, payment is mainly carried out through the transaction account or through the notary's account, which distinguishes Latvia from other Baltic countries. This is guaranteed to minimize risks, effectively reducing them to zero. Of the advantages of buying a home in Latvia, one can certainly note the possibility of obtaining a residence permit at a transaction cost of 250,000 and above, as well as a small one-time tax on the purchase of real estate in the amount of 2%. Foreigners who purchase housing from Latvian citizens or residents with a residence permit may also apply for a residence permit in Latvia. Among the disadvantages is the payment of a one-time tax in the amount of 5% of the purchase amount, if you want to get a residence permit.
Additional housing maintenance costs
The size of the bills for the maintenance of real estate is a weighty argument when choosing a property. Since these bills can be quite impressive in Jurmala, experts recommend calculating in advance all the costs of utilities and housing maintenance.
Standard maintenance cost of 1 sq.m. m in residential complexes is from €0.7 to €2.5, plus utilities. So, for an apartment of 100 sq. m. m cleaning of the territory, maintenance of common areas, etc. on average will be from €120.
Reliable partner
The winners of the Homes Overseas Russian Awards are the main industry players selected by leading experts through multi-stage voting. In 2017, the Golden Awards in the category "Best Real Estate Agency in Latvia" was awarded to VIP Real, one of the largest real estate companies in Jurmala. VIP Real has been on the market since 2004 and specializes in renting and selling luxury resort housing, observing trends and taking a direct part in their formation.
"The peculiarity of our agency is that we have our own employee for each line of work," says the director of VIP Real Lara Batova, "A full-time lawyer provides clients with the necessary advice, a separate specialist is responsible for obtaining a residence permit, an agent with extensive experience is engaged in sales in residential complexes in this area, and so on. This allows us to respond as accurately as possible, privately, to the requests of each buyer.»
This approach confirms the elite status of Jurmala as a destination for buying real estate. At the same time, affordable and high-quality housing can still be found at the resort. The main thing is that there is always what we love so much: a quiet pine forest, unforgettable sea air, the comfort of a family hearth, a pleasant cultural life, excellent opportunities for moving with children and communication with intelligent compatriots and locals.
Some tips for buyers planning to purchase luxury housing in Jurmala
- Contact specialists so that you don't have to pay for your mistakes later. Real estate, especially abroad, should be purchased only through a proven, proven agency. With a good reputation, with an impressive portfolio – one that can be truly trusted. This is a guarantee of a safe transaction.
- When searching for the "ideal object" in Jurmala, according to the specifics of the local market, be ready to make compromises and determine priorities for yourself.
- Be sure to approach the question with a good mood, because this is a joyful event and a new stage in your life!
Portal HomesOverseas.ru thanks Lara Batova for her help in preparing the article (VIP Real).
photocredits: flickr / vip real
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