Most residents of Latvia live in cities, however, a recent bank survey shows that more than half of Riga residents (55%) and residents of other large cities (50%) are considering or have at least thought about purchasing property and moving to rural areas or small towns.
Interest in life outside major cities in Latvia remains consistently high, notes Kaspars Sausais, head of the housing lending department. Overall, only 10% of residents of Riga and large cities are definitely considering purchasing property in rural areas or small towns, however, a significant portion of respondents have already thought about it (20%) or would consider such an opportunity under suitable work or living conditions (19%). One third of residents in Latvia — 30% — indicate that they want to live in a city.
Young people and men are more likely to think about moving from the city
Survey data shows that young people and residents of economically active age are more open to the idea of living in rural areas or small towns. More than half (54%) of respondents aged 18–29 indicated that they would consider such an opportunity. Also, men are more likely than women to think about moving and are willing to evaluate such an opportunity — more than half (54%) of men responded positively, compared to 10% fewer women.
At the same time, the data shows that a significant portion of society (30%) does not want to leave the city. This figure is similar to other Baltic countries: 25% in Estonia and 33% in Lithuania. This indicates that the habits of residents of the Baltic states in choosing a place of residence are generally similar.
The choice of residence is also influenced by real estate prices
In recent years, there has been a gradual increase in real estate lending in the regions of Latvia: this year, every fourth mortgage loan from banks was issued for the purchase of housing in one of the regions of the country. This is facilitated by the expansion of remote work opportunities, a desire for a higher quality of life closer to nature, as well as relatively more affordable real estate prices in the regions. The demand for mortgage loans in the regions remains stable — most often financing is provided for the purchase of existing housing, and less frequently for the construction of new private houses.
