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Ceturtdiena 17.08.2017 | Name days: Oļegs, Vineta
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Nearly every third Latvian resident dreams about a house in the countryside

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEven though more than 90% of Latvian residents would like to own a private house, every third resident lives at his or her relative or in rented property. 82% of respondents say the main reason why they choose to rent property instead of buying is the difficulty to save up enough money for the first payment.

At the same time, more than half of respondents believe it is better to purchase a home: the money paid to property managers is “lost” when paying for rent, according to DNB Housing survey, which was carried out by SKDS.

46% of respondents mention that regular rent payments are often higher than monthly credit payments. 45% of respondents believe the purchase of houses is a good investment. They believe real estate property prices will go up in the future. 13% of respondents believe the current range of apartments available for rent is very poor.

82% of respondents mentioned the difficulty of saving enough money for the first payment as one of the first reasons why people prefer rent over purchase. It should be added that four out of five respondents lack the confidence in their ability to fulfil credit obligations. Half of respondents say they would rather wait for real estate prices to drop.

“Residents of the age of 34 often mention that they live at their parents’ house or rented property,” – says DNB Bank’s Client Segment manager Normunds Rudzitis.

The survey also reveals the current situation in Latvia’s real estate market: 45% of Latvian residents live in the properties they own, 16% of residents live at their spouse or relative owned home. 15% and 22% of respondents rent the property where they live.

Even though less than one-third of Latvian residents own their homes, only 6% of respondents plan to purchase a home for themselves in the next 12 months. Every third respondent said he plans to perform cosmetic repairs to his or her property. 7% of residents plan to find other property to rent. 46% of respondents do not plan to do any of the above in the near future.

When asked if they had a choice in which type of home to live in, 94% of respondents said they would prefer an apartment registered on their names. 2% of respondents said they would rather live in a rented apartment.

When creating their dream house, every third respondent said he would like to own a house in the countryside. Among the Top Dream houses list are: a house on the south of Spain (14%), a house in Jurmala (12), Riga or Mezaparks (12%).

Ref: 102.109.109.8729


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