Tosmāre is a neighborhood of Liepāja, located between Lake Tosmare, the Karosta, and Zaļā Birze. Not as chic as the city center of Liepāja, we still find this a very luring neighborhood and most important - undervalued

In one of our previous articles, we shared an idea of possible investments in the Karosta / Tosmāre neighborhoods of Liepāja. See: Invest in Liepāja Real Estate / Tosmāre / Karosta

Today we decided to visit Tosmāre, and take some cool drone photography while exploring the area

As we have applied for 2 online auctions in the Tosmare neighborhood, and while we are still waiting for the final bidding day (November 23) , today we visited properties to gain an overall idea  - we left amazed by what we saw. 

Tosmāre from a drone flight

Tosmāre from a drone flight

Currently, we have applied for two online auctions in Tosmāre on Nākotnes street. The dwelling houses are very cool and it looks they are from the times of Tsarist Russia. 

Current starting bids for 30m2 apartments in these houses are EUR 1,800 and EUR 1,600. That's about 60 EUR per square meter. Taking into consideration that these apartments have both water and electricity we call this - Crazy. 

Now, we don't think the final bidding prices will stay as low as they are. Actually, current bids already are way higher at EUR 3,100 and EUR 2,300. Respectively EUR 76 and EUR 103 per square meter. 

Tosmāre from a drone flight

Tosmāre from a drone flight

Huge was our surprise after seeing two freshly renovated dwelling houses (3-story buildings) with perfectly landscaped surrounding territories. 

When applied for these online auctions we set our max target price: EUR 5,000 for each of the apartments. About EUR 166/m2

Now. let's try to figure it out what could be average price for property in Tosmāre neighborhood

Tosmāre from a drone flight

Tosmāre from a drone flight

For this "research" we are going to use ss.lv advertisement board for Tosmāre.

There are not so many deals in Tosmāre, and most of them (sales) are under EUR 10,000. After browsing all ads, here is what we learned - renovated apt will cost about EUR 370-450/m2, while flat without renovation in a bad shape will go for about EUR 180/m2

Tosmāre from a drone flight

Tosmāre from a drone flight

Tosmāre is in the part of Liepāja Special Economic zone, and there are several large industrial manafactures. As we can see from this picture, there is a quite large quarry, with an office building and many many cars, which leads to think that finding a tenant for an apartment here on Nākotnes iela shouldn't be a problem. 

Our original idea was to buy to let for students or young families, now we see an opportunity to let to factory workers or white collar managers coming from Riga. Service apartment in Liepāja.

Freshly dug city comunications and newly installed electric cabinets.

Freshly dug city comunications and newly installed electric cabinets.

The more we look, the more we like.

With our budget set max EUR 5,000 we are ready to pay about EUR 166/m2 for a non-renovated flat in Tosmāre. We might end short.

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Reinis Fischer Dividend Income & Options Selling