Latvian Real Estate Market Overview 2024: Agricultural Land
The real estate company ARCO REAL ESTATE has published an analytical report – the Latvian Real Estate Market Overview – which compiles detailed information about developments in the sector over the past year. The market overview is a useful resource for industry professionals, developers, as well as the banking sector involved in mortgage lending. This is the company’s 24th edition, and it remains the only market analysis of such scope in the Latvian real estate sector. You can view full report HERE. There is insight into the agricultural land market:
NUMBER OF TRANSACTIONS AND SOLD LAND AREA
In 2024, the agricultural land market experienced an increase in activity, making it one of the most active market segments. For the first time in the past four years, the number of transactions increased. Compared to 2023, the number of transactions rose by 25%. In the past year, 935 transactions were registered, bringing the figure close to the statistics of 2021.

In 2024, 10 670 hectares of agricultural land were sold, which is 39% more than in 2023.
It is worth noting that, in terms of area, 2023 saw the lowest number of agricultural land sales in the past 12 years. In contrast, 2024 recorded one of the highest sales volumes since 2013. Last year, the largest area of agricultural land was sold in Zemgale – 3327 hectares, while the smallest was in Latgale – 1877 hectares.
AGRICULTURAL LAND PRICES
In 2024, activity in the agricultural land market increased rapidly, and the price of agricultural land rose. The average sale price of agricultural land increased to EUR 4,995/ha. Compared to 2023, the average price per hectare rose by 5% last year. This price increase was the lowest in the past five years.
Most transactions took place outside the public offer, with the buyer and seller agreeing on a mutually acceptable price, which often significantly exceeded the average prices. In 2024, more than ten transactions in the regions of Kurzeme, Zemgale, and Latgale recorded record-high prices – over EUR 15,000/ha.
As the shortage of fertile and high-quality agricultural land has been observed throughout Latvia for many years, there was interest in uncultivated and neglected agricultural land across all regions of Latvia. This was evidenced by the steady price growth in all regions of the country.

In 2024, the highest number of transactions were registered in the price range of 4000 to 5000 EUR/ha. This price range accounted for 21% of the total number of transactions. Thus, the most popular price range increased, as in 2023 the highest number of transactions were registered in the price range of 3000 to 4000 EUR/ha.

Information source: Arco Real Estate