What do I need to know when buying property in Riga?

"1. It is important to research the local market and understand the current trends in the area before making a purchase. 2. It is important to understand the legal requirements for purchasing property in Latvia, including any taxes or fees that may be applicable. 3. It is important to have a clear understanding of the property's condition and any potential risks associated with it. 4. It is important to have a clear understanding of the local infrastructure and amenities in the area, such as public transportation, schools, and hospitals. 5. It is important to have a clear understanding of the local rental market and potential rental income that can be generated from the property. 6. It is important to have a clear understanding of the local laws and regulations regarding property ownership and rental agreements. 7. It is important to have a clear understanding of the local banking system and any potential financing options available. 8. It is important to have a clear understanding of the local real estate market and any potential risks associated with it. 9. It is important to have a clear understanding of the local currency and any potential exchange rate risks associated with it. 10. It is important to have a clear understanding of the local culture and any potential cultural differences that may affect the purchase or rental of the property," explained one expat living in Riga, Latvia.