Though home prices fell in Latvia in the second part of 2007 by as much as 65 percent, and the economy was close to collapse, things have turned around since 2010, largely thanks to international aid and a government residency permit program, agents said.
“More than any other sector, housing went through a shock in 2008 and 2009 that gave everyone a good lesson,” said Aldis Riekstins, the head of customer services with Latio, a real estate company with offices in Latvia.
A 2010 change to immigration policy enabled any non-European Union buyer of a home costing at least 143,000 euros, about $162,000, in a large city, or 72,000 euros, about $81,000, elsewhere, to apply for a five-year residency permit in Latvia. But in the fall of 2014, the minimum price for a property in the residency permit program was raised to 250,000 euros, about $283,000, in any part of the country.
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