Set your budget, down payment and borrowing power
Before you search, find out what you can afford. The law lets a bank lend at most 90% of the market value, so the minimum down payment is 10%; in practice banks often ask for 15–20%. With an ALTUM housing guarantee for families with children or young specialists up to age 35, 5% is enough.
Latvijas Banka's rules also cap the payments: all loan payments together up to 40% of net income, total debt up to six years' net income, term up to 30 years. On a €100,000 flat, a 10% down payment is €10,000, 20% is €20,000 and with an ALTUM guarantee €5,000, plus the transaction costs (the state duty alone is €1,500).
Before you start viewing flats, ask the bank for a preliminary loan decision. It gives you a clear budget, and the seller will take your offer seriously.
How much cash do you need?
The guide's example: a 100,000 € flat.
- Down payment
- 20,000 €
- Bank loan
- 80,000 €
- Duties, notary, valuer
- €1,816.87
- You need in total
- 21,817 €
State duty 1.5% of the price (or the cadastral value if higher), at most €50,000; a €15 court office fee each for the ownership and the mortgage entry; mortgage duty 0.1% of the loan; the notary certifying both signatures and filing (with VAT); a valuer's report of about €150. Moving and furnishing come on top. About the ALTUM guarantees →
To see how big a loan you can afford, use the mortgage guide.
Find the right home
Think through location, size and future needs, and look at the real price level. Prices in Latvia differ a lot between towns and even between neighbourhoods of the same town. The market report, the price map and the area pages show the prices and the most active real estate agents for each place, so you know what is affordable right there.
Most listings in Latvia are on ss.lv and city24.lv. Compare several similar offers in the same area before you decide.
Will the location suit work, school and public transport in the long run?
Will the flat still meet your needs in a few years (family, remote work)?
What condition is the building in, who manages it and how big are the monthly charges (management, reserve fund, heating)?
Median asking price per m² of flats
Check the Land Register and the building
Before paying earnest money, check in the Land Register who the owner is and whether the flat carries a mortgage, a prohibition or other encumbrances. Also find out whether the land under the building belongs to the flat owners: if someone else owns it (divided ownership), a land-use fee is payable to the landowner on top.
Since 2026 the buyer is liable for the previous owner's unpaid management, utility and reserve-fund charges up to three years back, if the flat was acquired in a voluntary sale after 31 December 2025. These debts do not show in the Land Register. Ask the seller for the manager's statement of payments and write into the contract that the debts are settled before the deal or deducted from the price.
A detailed list of what to check in the flat, the building and the papers is in the guide What to check when buying an apartment.
The buying process step by step
- 1
Agreeing the price
How to negotiate the price - 2
Earnest-money agreement
What to check first - 3
Loan agreement
Getting ready for a mortgage - 4
Purchase contract and notary
Transaction costs - 5
Entry in the Land Register
zemesgramata.lv ↗
Once you have found the right home, the process in Latvia usually runs: agreeing the price → earnest-money (rokasnauda) agreement → the bank's loan decision and valuation → purchase contract → corroboration request to the Land Register → the Land Register entry, which makes you the owner.
Earnest money shows the deal is serious. If the deal falls through by the buyer's fault, the seller keeps it; if by the seller's fault, the seller must pay it back twice over. Write the amount, the deadline and the conditions into the agreement, for example that the deal goes ahead only if the bank grants the loan.
In Latvia the purchase contract does not have to be signed at a notary: a written contract between the parties is enough. But the parties' signatures on the corroboration request to the Land Register must be certified by a notary or the orphans' court (bāriņtiesa), and the notary usually files it electronically. The Land Register office decides within 10 days, and only the person entered in the Land Register is the owner. So that the seller is paid only after the entry in your name, use a notary deposit or a bank escrow account.
The buyer usually pays the state duty for the ownership entry (1.5% of the price or the cadastral value if higher, at most €50,000), a €15 court office fee and, with a loan, a mortgage duty of 0.1% of the loan. The notary costs are split by agreement. If the documents reach the Land Register more than six months after signing, the state duty is one and a half times higher. After the deal, tell the building manager in writing about the change of owner.
Common mistakes to avoid
A first home is usually bought with the heart. These four mistakes cost first-time buyers the most.
Stretching the budget — on top of the loan payment, count the management, heating and reserve-fund charges and a buffer for a EURIBOR rise.
Ignoring the building — a cheap flat in a building facing roof, utility or façade repairs with an empty reserve fund can end up expensive.
Not checking debts and land — since 2026 the seller's debts to the manager can pass to you, and divided ownership adds a land-use fee.
Taking only one bank offer — compare at least two or three, because the difference in margin and fees adds up to thousands of euros over 30 years.