Riga is a delightful medieval town with 800 years of history behind it, and tourists could be forgiven for feeling that their short journey into Latvia has coincided with a far longer one back in time. Within Riga's historic centre, examples from all types of Northern European architecture can be found, with Gothic and Modernism particularly prevalent. Some of the most impressive buildings in Old Riga are St Peter's Cathedral, Riga Dome, Riga Cathedral and White Stone Castle. All are enclosed within a relatively small fortified area which is the ancient (and now the tourist) hub of the city.

Outside of Old Riga, the Boulevard Circle is one of the most popular tourist attractions. It comprises a decorative green area surrounding buildings of civic importance such as the National Opera house, Riga University, the National Art Museum and the Riga Monument of Freedom. The Circle is the cultural centre of Riga, and is often described as an 'oasis' in the midst of the 21st-century metropolis. 

Like any modern city, Riga has its fair share of high-rise property developments. Its modern property developments differ from many capitals, however, in that they are highly influenced by the early 20th century style of Art Nouveau. For enthusiasts in this type of style, property in Riga is a treasure trove of interest, with central Alberta Street boasting some of the most striking examples.

Property prices in Riga are certainly on the rise, with the Old Town seeing record growth rates of 20 per cent over the last year, and 4 per cent in February alone. Apartments and property in Riga Old Town are still an excellent investment, but are very much in demand – it is unlikely that you'll find a central bargain property unless you're prepared to go for a renovation project.

The average property price of a renovated apartment in central Riga is 3,020 euros (approx. £2,030) per square metre. However, these prices are pushing both local and overseas property investors into considering suburban properties, which are currently much cheaper. There is a rash of new off-plan property developments on the outskirts of Riga which investors may do well to take advantage of.

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Article published July 2007