State fees for registering property rights in the land register will decrease

At the meeting of the Cabinet of Ministers, amendments to the regulations on the state fee for the consolidation of property rights in the land register were supported. The amendments, which will come into force as of July 1, envisage reducing the amount of the state fee for a natural person from the currently determined 2% to 1.5% of the property value, while for a legal person for the consolidation of the property of an apartment from 6% to 2% of the property value. These changes are a significant improvement in the competitiveness of the Latvian real estate market and at the same time a significant benefit to the society by reducing the costs related to the purchase of property, according to the Alliance of Real Estate Developers. “We are pleased that the opinion and arguments of the industry have been heard, and the amendments to the Law on Land Registry will come into force from next month. The reduction of state fees will bring real benefits to both legal entities, promoting growth in the rental market, and individuals, allowing every resident of Latvia to save an average of 500 euros in the process of purchasing a new apartment. At the same time, it will make Latvia’s real estate environment more competitive and attractive compared to neighboring countries, thus attracting more interest from investors. On behalf of the industry, I would like to express my gratitude to Gatis Eglītis, the board of the Real Estate Developers Alliance. chairman.

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