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Castles, palaces, estates – still 1-2 deals a year

By Anatol Steven. 11.04.2013

Latvian manors
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It’s easier for foreigners to own a castle, palace or manor in Latvia than it is elsewhere

Despite the increasing activity of foreign buyers on the Latvian real estate market, their interest in structures such as castles, manor-house estates, and converted windmills remains unchanged, experts say. The most recent deal – Dursupe Estate in Talsi Region – was entered in the country’s Land Register last year.

Experts at Baltic Sotheby’s International Realty believe that these products “are and always will be piece goods”; they are rarely used in speculation and are intended only for those with a certain lifestyle. This means that future demand for them is not likely to exceed one or two sales a year.

“When a buyer comes to us, he usually knows exactly what he wants”, Vestards Rozenbergs, chairman of the board of Baltic Sotheby’s International Realty, explains. “Either to use the object as a personal place of living or to develop additional business, for instance to breed certain animal species or to hunt. Latvian farming and forestry traditions allow for this.”

Theoretically, Rozenbergs says, all properties labeled as “niche goods” in Latvia can be divided into several groups. There are renovated castles and estates considered to be cultural and historic heritage. There are also properties currently used as a place of residence but previously functioned as something else entirely, for instance windmills or – in one case – an artificial island once made for purification works and now turned into an exclusive place for living with its own underwater aquariums and quaysides.

According to Rozenbergs, in Latvia foreigners are not subject to the same restrictions on buying historic properties as they would be in, say, Finland. Foreign buyers are subject only to heritage protection and property management laws.

Price varies wildly, of course, but according to Baltic Sotheby’s International Realty castles in Latvia tend to go for between €3.5 and €5 million, hunting grounds for around €1.5 million, and estates for anywhere between €90,000 and €5 million.

[pictured: Kukšu Manor (with lake) and Krimuldas Manor]

xjuIzYURERTocnvK 16.06.2013 12:31

Do these people have the froedem of movement outside Spain within the Schengen zone? Will they be deported by other Schengen
countries and sent back to Spain?



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