While new homes are being developed in Riga and elsewhere, the new-build housing market in Ventspils has stagnated for years. Despite strong demand for high-quality family homes, virtually no energy-efficient new development has entered the market in the past 15 years. High construction costs and the region’s limited market have so far discouraged developers from investing.
Businesses have also faced a long-standing shortage of suitable premises. According to Sanda Austere, Head of Real Estate Transactions at Latio, the situation is now beginning to change: a major renovation project offering new, energy-efficient apartments is under way in the residential segment, while promising building complexes are entering the commercial property market.
“New investment is flowing into the city, the number of economically active companies is increasing and new jobs are being created. This signals to developers that the slogan ‘City with a Future’ reflects reality and that there will be genuine demand here for both new housing and commercial space,” Austere explained.
The figures support this assessment. In 2024, the number of economically active companies in Ventspils increased by 3.5% to 2,249, while the stock of foreign direct investment in the city reached EUR 118 million at the beginning of 2026, equivalent to EUR 3,385 per resident.
Developers slow to respond to demand
The Ventspils apartment market is unusual because virtually no new apartment buildings intended for sale have been developed in the city over the past 15 years. Consequently, buyers’ choices are largely limited to standard Soviet-era apartment buildings.
Austere explained that developers in the regions face considerably greater difficulty in balancing construction costs with the prices local buyers are prepared to pay. Construction costs in Ventspils and Riga do not differ significantly, while sale prices in Ventspils are substantially lower. This creates a vicious circle typical of regional markets: buyers want new, energy-efficient homes, but developers remain cautious about whether such projects will be financially viable.
The gap between supply and demand is particularly noticeable among buyers seeking larger family homes. Almost half of all transactions in the Ventspils apartment market involve two-bedroom apartments, while homes with four or more bedrooms account for only approximately 6%. The five-bedroom apartment segment is especially striking: only two such transactions have been registered in the whole of Ventspils over the past five and a half years.
“If a family wants a modern layout, good energy efficiency and a home that does not immediately require extensive renovation, the available choice becomes extremely limited,” Austere said.
Apartment prices in Ventspils have increased by almost one-third in less than six years, reaching EUR 760 per square metre in standard apartment buildings and EUR 730 per square metre in pre-war buildings. Although the number of transactions remains relatively stable at approximately 86–119 per quarter, with only modest seasonal variation that is less pronounced than in Liepāja, the shortage of high-quality homes is pushing up the market average. Asking prices for apartments in standard buildings have already reached EUR 880 per square metre in 2026.
According to Austere, rising prices are also being driven by high construction costs and changing buyer expectations. Local families, professionals and newcomers from other cities or countries appreciate Ventspils’ well-maintained urban environment and good infrastructure. They are therefore prepared to pay more, but only for homes in excellent condition.
A new standard for family housing
The major renovation of the residential building at 3A Talsu Street demonstrates the changes taking place in the housing market. A total of 15 fully finished three- to five-bedroom apartments, ranging from 53 to 90 square metres, will be available for purchase in the building. The homes feature individually adjustable underfloor heating and heat-recovery ventilation systems, providing Class A energy efficiency and predictable utility costs.
“I vividly remember the moment about a year ago when I first entered this building. There was construction dust everywhere, but the builders were carrying out their work with exceptional care. The internal walls were being built from masonry rather than plasterboard. Even then, I understood that buyers would not need to worry about the quality of construction in this building,” Austere said.
Apartment prices range from EUR 93,100 to EUR 143,200, or EUR 1,591–1,757 per square metre. As the final interior works are still being completed, reservation agreements are currently being concluded, and some of the apartments have already been reserved. Once the building is fully completed, deposit and purchase agreements will be signed with buyers.
Although it is not a new-build development in the traditional sense, following reconstruction the project will provide an alternative rarely seen in Ventspils in terms of its technical solutions, energy efficiency and level of finishing.
While a single project cannot by itself resolve the shortage of new housing in Ventspils, it can be regarded as an important market test. It will demonstrate whether buyers’ interest in high-quality housing matches the developer’s vision. The major renovation of the building at 3A Talsu Street is therefore a significant development not only for local residents, but for all participants in the property market.
Business and investment opportunities expand
A shortage of supply is also evident in the commercial property segment in Ventspils. The market consists primarily of existing properties, alongside facilities modernised by the municipality and the Freeport of Ventspils Authority. At the same time, several major investment properties have recently entered the market, signalling that conditions are beginning to change.
One of these is a building complex at 23 Ostas Street in the historic part of the city. Priced at EUR 1.85 million, it comprises five buildings with a total area exceeding 5,100 square metres. The complex includes offices, a conference hall, underground parking, a swimming pool, basement premises and a range of adaptable spaces, making it an ideal location for developing a hotel.
The availability of such a complex represents an exceptional opportunity for businesses and investors not only in Ventspils, but across the entire Kurzeme region.
“It is difficult to find an alternative comparable to the Ostas Street property. Its location beside the port and close to the historic centre offers the new owner enormous business potential. The functionality of the complex is another advantage. The premises can be adapted to a variety of uses, which is particularly important in the hospitality sector.”
Other properties available in the city centre include a masonry building dating from 1906 at 48 Lielais Prospekts, priced at EUR 225,000, and a development investment project at 3 Gaismas Street, priced at EUR 270,000.
Outside the city, in Zlēkas Parish, the historic Zlēkas Mill complex has been offered for sale together with its currently operating guesthouse. The property comprises 505 square metres of premises and nearly three hectares of land, as well as an events hall, bedrooms, a sauna and a swimming pool. Part of the legendary Latvian feature film The Devil’s Servants at the Devil’s Mill was filmed at the mill. The complex is available for EUR 425,000.
Overall, the commercial property market in Ventspils is not oversupplied. Energy-efficient premises in strategically attractive locations quickly find tenants, while outdated properties with high heating costs are rapidly losing their competitiveness.
Office rents in Ventspils range from EUR 5 to EUR 7 per square metre, while retail premises command EUR 8–10 per square metre and EUR 12–15 per square metre in the most desirable locations. Compact, energy-efficient premises and ground-floor retail space in the city centre are in the highest demand.
