Last updated on June 22nd, 2023
Latvia is a favorite destination for nature lovers and is known for its UNESCO World Heritage sites. With over 3 million tourists visiting Riga annually, this country is a natural magnet for various kinds of visitors across the globe.
We have one word to describe Riga’s Airbnb occupancy rate: Fully-booked!
In general, Riga is one of the most visited destinations worldwide because of its famous attractions such as the House of the Black Heads, Central Market, Freedom Monument, and many more.
Property investors who want to start an Airbnb business in Baltic should certainly do thorough research about rules and regulations as they vary per city. For instance, hosts should know that the Airbnb rules in Montpellier prohibit rent for more than 120 days per year and limits one per fiscal household for secondary housing.
Continue reading to learn more about Airbnb’s long-term profitability in Riga, Latvia.
Is Airbnb Profitable in Riga, Latvia?
Based on Airbtics, an average host can earn an average of €10,819 yearly for a 1-bedroom apartment/condo in Riga.
These Airbnb metrics are necessary in order for property investors to have an outlook of potential revenue and avoid losing hard-earned money. Knowing your preferred area’s occupancy rates, average daily rates and annual revenue is important in starting an Airbnb business to achieve success.
By using an accurate short-term rental calculator, you’ll be able to confirm that Riga is one of the best places for investment. There are indeed plenty of high-return investment opportunities in Riga.
Source: Airbtics Dashboard
What is the Average Occupancy Rate for Airbnb?
An excellent Airbnb occupancy rate should be around 65% with a remarkable increase monthly. The good news is that for Riga, the occupancy rate should not be doubted at all. Based on Airbtics, the YoY change in Riga, Latvia increases by 422.89% and has had a 100% occupancy rate since April 2022. Talk about profitability!
Airbnb cities with the highest occupancy rates vary depending on their respective peak seasons. It’s interesting to know that despite the post-pandemic restrictions in various countries, the international traveler’s ratio in Riga remains at 75%.
Is Riga a Good Place to Invest in Real Estate?
Before purchasing an investment property in Latvia, it’s important to have knowledge of the various kinds of mortgages, ongoing and upfront costs, and other fees associated with real estate.
In order to track the Airbnb performance of your preferred neighborhood in Riga, it’s practical to take advantage of smart technology. By using a precise short-term rental calculator, you’ll be able to consistently monitor the demand & supply and spy on your competitors located within the area – and stand out among the rest.
Top 3 Neighborhoods in Riga for Airbnb Investment
In order to properly identify which particular area is best for investment in Riga, here are the top 3 neighborhoods with the highest occupancy rates:
1. Vecriga
This neighborhood in Riga is the historical center and is a UNESCO World Heritage site.
- Average occupancy rate: 58%
- Annual revenue: €16,172
- A local license is not required to operate short-term rentals in this area.
2. Miera Lela
Miera Lela is an essential part of Riga as it is filled with design shops, extraordinary galleries, and cafes.
- Annual revenue: €9,269
- Average occupancy rate: 64%
- A local license is not required to operate short-term rentals in this area.
3. Agneskalns
If you are looking to invest in properties that are family-friendly, this neighborhood is highly recommended. It is situated across the Daugava river which has a natural charm for tourists and renters.
- Annual revenue: €9,568
- Average occupancy rate: 53%
- A local license is not required to operate short-term rentals in this area.
Conclusion
If you are looking to invest in an Airbnb city with maximum cash-on-cash return and 100% assurance that it will bring long-term profitability, in-depth research is a stepping stone. However, the data points mentioned in this article such as Airbnb occupancy rates, annual revenue, & traveler’s ratio should be your basis for investing in an Airbnb business in Riga.
Now that you are aware of how this Airbnb city became fully booked, don’t miss out on greater opportunities! With the help of our reliable data analytics tool, you can vastly enhance your monthly revenue, create a comparison for each neighborhood, add the appropriate amenities and so many more exciting features.
