632,604
Projects 
Organisations1. Art Nouveau Architecture: Riga is renowned for its stunning Art Nouveau architecture, boasting one of the highest concentrations of this style in Europe. Many buildings in the city center, particularly on Alberta Street, feature intricate designs and ornate facades that reflect the artistic movement of the early 20th century. 2. Historical Market: The Central Market in Riga, located in former Zeppelin hangars, is one of the largest and most vibrant markets in Europe. It offers a diverse range of local produce, meats, and traditional Latvian foods, making it a great spot for both locals and visitors to experience authentic Latvian cuisine. 3. Cultural Festivals: Riga hosts a variety of unique cultural festivals throughout the year, including the Riga City Festival, which celebrates the city's history and culture with concerts, performances, and exhibitions. Additionally, the Light Festival showcases stunning light installations across the city, attracting artists and spectators from around the world.
Riga's housing market is currently experiencing a period of stabilization after rapid growth. As of June 2023, apartment prices in Riga dropped by 8.42% compared to the previous year, reaching €892 per square meter. The city is seeing an increase in new residential developments, with 2,180 new apartments built in 2023. The total housing stock in Latvia reached 77.75 million square meters in 2020, with Riga accounting for a significant portion. Approximately 82.8% of housing in Latvia is owner-occupied, while 17.2% is rented. However, specific figures for Riga are not provided. Recent data on median rental and purchase prices per square meter in Riga is not available in the search results. However, rental yields in Riga were reported at 8.47% in 2024, indicating a potentially attractive market for investors. Public and social housing play a limited role in Riga's housing market. Latvia has one of the smallest social housing stocks among OECD countries, with less than 2% of the total housing stock compared to about 7% in other OECD nations. To address this, the Latvian government and the European Investment Bank are collaborating on an affordable rental housing project, aiming to construct up to 2,260 apartments by 2030 for young professionals in essential sectors.
The Riga city administration is actively addressing housing challenges through various initiatives. The city aims to reduce the queue for municipal apartments, which stood at 3,800 people in 2017. Riga has expanded eligibility for housing assistance to include families with three or more children, those who lost homes due to mortgage defaults, and residents of substandard municipal buildings. To create more affordable and sustainable housing, Riga is participating in the "Rental Housing for Latvian Professionals" program. This initiative plans to build up to 2,266 affordable rental units by 2030, targeting essential workers in sectors like education, healthcare, and law enforcement. The city is also allocating land and co-financing these rental apartments. Riga is focusing on renovating existing housing stock, with a goal to renovate 2,000 Soviet-era buildings by 2030. The city is applying New European Bauhaus principles to involve the community in renovation projects, as seen in the Ziepju 11 residential building. Additionally, Riga is investing in green infrastructure, planting more trees, and improving parks and recreation areas to enhance livability. The city is also promoting energy efficiency through measures like installing solar panels on municipal buildings and implementing a CO2 emission reduction program. To improve waste management, Riga is expanding its network of sorted waste collection sites and introducing textile sorting containers.
Housing cooperatives do not appear to play a significant role in Riga's housing sector based on the available search results. The city seems to focus more on affordable housing initiatives and temporary use of vacant buildings rather than promoting cooperative housing specifically. Riga is participating in the SUPERSHINE project, which aims to renovate and improve energy efficiency in affordable housing districts. The Āgenskalna priedes district, consisting of 24 Soviet-era buildings and one new NZEB building, has been designated as a lighthouse district for this initiative. The project focuses on sustainable renovation, energy efficiency, and improving living conditions for low-income tenants. The city also supports initiatives like Free Riga, an organization that promotes temporary use of vacant and underused buildings. While not specifically cooperative housing, this approach allows cultural workers and activists to access space for creative activities in exchange for maintaining the buildings. Riga's housing policies appear to prioritize affordable housing, energy efficiency, and community engagement. The city participates in EU-wide initiatives like the Affordable Housing Initiative and the Renovation Wave to address housing needs and improve existing stock. However, there is no specific mention of cooperative housing projects or policies aimed at promoting housing cooperatives in the available information about Riga.
Housing Market Portrait: Riga, Latvia
Affordability and Market Trends
Riga's housing market presents a mixed picture of affordability. While not among the most expensive European capitals, housing costs in Riga have been steadily increasing in recent years. The market has shown resilience despite economic challenges, with apartment prices in Riga decreasing by 1.2% in 2023, following a 4.5% increase in 2022.
The median price per square meter to buy an apartment in Riga ranges from €700 to €1,500 for older apartments and €1,800 to €4,700 for new apartments in central areas. This price range puts Riga in a moderate affordability bracket compared to other European capitals, though it may still be challenging for many local residents.
City Initiatives for Affordable and Sustainable Housing
Riga is actively addressing the challenges of affordable and sustainable housing through various initiatives:
- Increasing Affordable Housing: The city aims to boost investment in affordable housing, develop a formal rental market, and implement strategic policy reforms.
- Renovation and Energy Efficiency: Riga is focusing on renovating existing housing stock, particularly Soviet-era buildings. The SUPERSHINE initiative in the Āgenskalns district is promoting sustainable renovation practices and public-private partnerships.
- Public-Private Partnerships (PPPs): Riga is leveraging PPPs to finance new affordable housing construction and maintenance. A significant step is the establishment of a revolving fund for affordable housing.
- Citizen Involvement: The Desire project engages residents in the redesign of Soviet-era apartment blocks and outdoor areas, fostering community involvement.
Targets and Medium-Term Planning
Riga is developing a medium-term housing plan for 2024-30, which includes:
- Incentivizing new, modern housing developments
- Upgrading existing housing stock through co-financing programs
- Ensuring all citizens have access to safe, affordable, and environmentally friendly housing
Cooperative Housing Landscape
The concept of cooperative housing in Riga is not as prevalent as in other European cities. However, there's a unique form of collaborative ownership through "garage cooperatives," which have evolved from car storage spaces to include workshops and living spaces.
While there's no specific data on the market share of housing cooperatives in Riga, there's a rising interest in cooperative housing models, particularly among young adults facing challenges in accessing affordable housing.
Support for Housing Cooperatives
Currently, Riga doesn't have specific programs or activities to promote or financially support traditional housing cooperatives. However, the city's focus on renovating post-war housing districts and the establishment of apartment associations show potential for incorporating cooperative housing models in the future.
Organizations like Free Riga, which promotes temporary use of vacant and underused buildings, offer a platform for social and cultural initiatives that could evolve into more formal cooperative housing structures.
Conclusion
Riga's housing market is at a crossroads, balancing between moderate affordability and the need for sustainable, inclusive housing solutions. While cooperative housing is not yet a major force, the city's initiatives and growing interest in collaborative living models suggest a potential shift towards more diverse and affordable housing options in the future.