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What makes the Jurmala real estate rental unique?

By Anatol Steven. 06.12.2012

Sotheby's International Realty
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Characteristics of the Jurmala property rental market outlined

“The rental market in Jurmala is very specific”, Ilze Mazurenko, co-owner of Baltic Sotheby’s International Realty says. “It has a separate niche, and does not obey rules that work even in other resort towns.

So what are the specifics of this highly unique property rental market? For one thing, about 90% of “summer” rental agreements in Jurmala are short-term. According to Mazurenko, there are several key rental periods during the year.

“Naturally, the most popular is summer with rental agreements lasting between one week and three months," she says. "Another period is during the pop festival New Wave. And this year there is also a third season – the New Year celebrations.”

A striking trend was observed in the real estate rental segment in Jurmala, which looks likely to be repeated in 2013. Normally rental agreements are concluded systematically in January through June. However, in 2012 a large proportion of the agreements were drawn up during the first three months of the year, in January to March.

“Spoiled owners of real estate in Jurmala who were used to no hurry and renting out their real estate for three months at a time during the 'years of abundance' rejected potential tenants,” Mazurenko explains. “When May came, it was clear that the tenants had already changed their plans and gone on vacation to Cyprus, Spain, even Palanga.”

In the end, she adds, those owners who chose Baltic Sotheby’s proposed “term combining” strategy, renting out apartments over the short term during the crucial summer months, were among the winners.

In Jurmala the range of houses offered for rental is bigger than that for apartments, as apartments are often quickly bought up by foreign investors for living.

Generally, rental rates have decreased slightly. However, many owners charge €40,000 for a house with five bedrooms per summer, though their actual value is €30,000. House rental in central Jurmala costs tenants €6-8,000 per month, while houses with more expensive decoration and swimming pool cost €10-15,000 per month. Apartments were rented out last summer for around €3000-3500 per month.

[photo courtesy Baltic Sotheby’s International Realty]




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