Investment offering · Riga, Latvia
Riekstu Street 15
6-storey apartment building · 72–84 apartments · 3,234 m² saleable area · Valid building permit No. 86-K
Sale price
€550,000
sold as is
Investment offering · Riga, Latvia
6-storey apartment building · 72–84 apartments · 3,234 m² saleable area · Valid building permit No. 86-K
About the project
A real estate development project is offered for sale in its current state — a land plot with a valid building permit for the construction of a 6-storey apartment building in Riga, Iļģuciems district. The project is located in a quiet, green neighbourhood 6.5 km from the Old Town, with good infrastructure and public transport. Construction can begin immediately.
Investment offering
| Cost item | EUR (incl. VAT) |
|---|---|
| Construction costs (incl. acquisition) | 5,764,940 |
| Design and supervision | 376,643 |
| Financing costs (~12% p.a.) | 665,596 |
| Total expenses | 6,807,179 |
| Project | EUR/m² |
|---|---|
| Rubīns I (J. Endzelīna 11) | 2,922 |
| Mārpagalmi (Liepājas 37c) | 2,792 |
| Pīlādžu mājas (Tumes 25/27) | 2,384 |
| ★ Riekstu 15 (planned) | 3,000 |
Market context: New housing construction in Latvia lags behind Lithuania by 79% and Estonia by 60%. Demand for new apartments continues to grow.
* Financing is possible but not promised or guaranteed. The buyer performs their own due diligence.
The figures above reflect the base scenario — apartment sales. Because the building is constructed from scratch and its structural frame system allows the layout to be reconfigured easily, the project can also be developed in other directions with confirmed demand. See development perspectives →
Development perspectives
The building permit is valid and construction can begin immediately. The frame system allows the function of each floor to be changed, the number and size of living units to be varied, and the facade treatment to be chosen. Beyond apartment sales, we highlight two directions with confirmed demand in Riga.
As society ages, Riga faces an acute shortage of long-term social care places. There is a shift from hospital/nursing-ward formats to apartment-type rooms in a family setting — exactly the kind of service this building can provide. The service is regulated by Cabinet Regulation No. 338.
Family-type institutions have the lowest competition and the highest municipal co-financing (up to €800 per month per person) — there are only 11 such providers in Riga. 2024 price level: €1,400 per place without impairments and €1,700–2,100 per place with significant impairments.
“Riga municipality is interested in establishing a social care centre in Riga. […] As of 20.08.2024, 846 Riga municipality residents were waiting for the care service in the queue coordinated by the Riga Social Service.”
J. Radzevičs, Chairman of the Riga City Council Social Affairs Committee
Official reply to SIA “Riekstu 15”, 28.08.2024, No. RD-24-1274-nd
Figures are the project's indicative estimates, based on 120 places at €1,700–1,900 per place per month. They are not a promise or guarantee.
The location is ideal for student housing: ~2 km to Rīga Stradiņš University (5–10 min by public transport), 20–25 min to the centre, with green areas next door — Nordeķi park, Dzegužkalns and the Botanical Garden. The Jūrmala–Mežaparks cycle path is also within reach.
The building can be planned as modern student accommodation with 104 living units (up to 184 residents). Each unit has a bed and workspace, a kitchenette, built-in wardrobes, an en-suite bathroom and a fibre-optic internet connection. Accessibility for people with limited mobility is also provided.
Layout and unit-count figures correspond to the student-housing configuration; they differ from the apartment-sales scenario.
Project timeline
Apartments
The building's structural frame allows two typical-floor layouts — a variant with 1–2–3–4-room apartments (72 apartments in total) or a variant with 1–2-room apartments only (84 apartments in total). Both variants have 26 basement car parking spaces, a lift running from the basement to the attic (where storage units can be fitted for all apartments), and an indicative sales price from €3,000/m² with full finish.
| Type | Rooms | Area, m² |
|---|---|---|
| 2-6.1. | 4 | 90.76 |
| 2-6.2. | 2 | 39.62 |
| 2-6.3. | 2 | 36.00 |
| 2-6.4. | 2 | 41.82 |
| 2-6.5. | 3 | 64.85 |
| 2-6.6. | 1 | 27.32 |
| 2-6.7. | 2 | 37.15 |
| 2-6.8. | 2 | 36.40 |
| 2-6.9. | 2 | 36.04 |
| 2-6.10. | 2 | 40.01 |
| 2-6.11. | 2 | 40.94 |
| 2-6.12. | 2 | 48.14 |
| Per floor (× 6 floors = 72 apartments) | 12 | 539.05 |
| Type | Rooms | Area, m² | Per floor |
|---|---|---|---|
| 2-6.6. | 1 | 27.32 | 2 |
| 2-6.7. | 2 | 37.15 | 2 |
| 2-6.8. | 2 | 36.40 | 2 |
| 2-6.9. | 2 | 36.04 | 2 |
| 2-6.10. | 2 | 40.01 | 2 |
| 2-6.11. | 2 | 40.94 | 2 |
| 2-6.12. | 2 | 48.14 | 2 |
| Per floor (× 6 floors = 84 apartments) | — | 532.00 | 14 |
Registering interest is non-binding — it helps us plan the pre-sale.
Location
Project documentation
Contact