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Key selling points
- 20% Deposit
- 80% Complection December 09
- Low Entry Level
- High Capital Growth
- High Rental Return
- Inspection Trips Available
Why Latvia?
There are a number of key reasons why I believe you should invest in Latvia:
1. Member of the European Union Latvia joined the EU on 1st May 2004. The effect of the country joining the EU has had a dramatic effect on the economic development of the country.
2. Property prices are growing since its independence from the Soviet Union and after going through the privatisation process the property prices in Latvia have been consistently growing. The membership of the EU has continued this consistent rise with property rising on average between 15 – 20% a year since membership.
3. Property Ownership: there are no restrictions for foreigners to own land or property, unless it is agricultural land which requires approval from the local municipality. However by setting up a local company allows agricultural land ownership.
4. Low Cost Carrier Destination: Latvia is now a low cost carrier destination with Ryanair (Flights from London Stansted, Liverpool, Dublin and Frankfurt) and EasyJet (Flights from Berlin) all flying into Riga. This is significant because it means there is a massive increase in tourism and business traffic coming to the region which will help fuel the economic growth.
5. Competitive Mortgages: Latvian banks offer competitive mortgages for foreigners with availability between 70-85% of the amount of the loan, low interest rates can be taken on periods up to 40 years. This makes it an effective way to finance your investment.
6. Membership of the Euro: Latvia is planning to enter the Euro in January 2009. This is, as many people predict, the next stepping stone for economic growth in the country and this is likely to have a positive effect in the short and long term growth of property prices. There are a number of local and foreign investors who are currently looking to take advantage of the prices today before Euro entry.
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