Opening doors for housing in Latvia

The challenge of finding affordable housing is growing across Europe. Many people struggle to find a good place to live. There is increasing pressure on governments and local communities to fix this problem.

Latvia has one of the smallest supplies of affordable housing in Europe.

The quality of the housing is also often poor, families live in overcrowded conditions, and buying a house is not easy. The lack of suitable rental homes has forced many young professionals and families to live far from their workplaces or in accommodation that does not meet basic standards.

However, change is coming. Recognising that there is a big problem, the European Investment Bank is helping Latvia’s real estate company, known as VNI, address the housing crisis. With funding from the InvestEU Advisory Hub, the Bank’s advisory experts are helping Latvia design a comprehensive plan to develop affordable housing. This includes support to find financing, conduct procurement and develop a pilot project to build over 2 200 affordable rental apartments across the country, with a target of at least 1 000 apartments by 2030.

The involvement of the European Investment Bank also attracts international institutional investors to finance the construction of affordable rental housing. The Bank’s initiative in Latvia also helps develop skills and knowledge about affordable housing. The collaboration between the Bank, the Latvian government and local municipalities is a promise of a better future for thousands of people.

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