Won Another Online Auction - Plot of Land in Saldus (EUR 4.82/m2)

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On November 24, 2022, I helped to win an online auction for a real estate property in Saldus, Latvia

This auction was held online at the E-izsoles platform. And unlike most of the other bids, this was one of the easiest bids, We were just two bidders, the second bidder had entered the bid a few days earlier and probably forgot to bid today, as my bid was just the second highest.

land plot we bought in Saldus / Ciecere 42

In the past I've bought already one apartment using this platform, see: Today I bought my first flat on an online auction site

In total, we agreed to pay EUR 3,250 for a 668 sqm plot of land in Saldus. Distance to Riga is about 120km, Laidi 48km, Vilgāle 64km, and Jēči another 120km.   

Our investment map

With this buy, we are having four properties in Latvia, all of which are located in the Kurzeme region. Back this summer we bought a little nice Summer house in Jēči (Liepāja)

Among Bolt couriers, bagels and overturned bowls of chips, I won a bid on a plot of land in Saldus. Purchase amount 4.86 EUR/m2 - cheaper than in the mountains of Georgia (most probably),  but it seems much easier to realize. The free market says -  that the price could be 4.5 - 9 EUR per sqm. Will see!

Unlike with our previous buys - I'm not looking to remodel or improve this plot of land - quite opposite, looking to sell at profit without investing a dime.  My first guess is to list it for 10 EUR / per sqm to test the waters. If the buyer will come - let it go. If no buyers are showing up, keep it for a couple of years and sell when the market price reaches 15-20m2. 

I did some research on property prices in Saldus city and nearby parishes, it seems that such a plot of land could cost between EUR 4.5 - EUR 9 /m2 in 2022. By paying EUr 4.86/m2 I believe we got a fair price

As usual, cant wait to fly a drone in this spot of land. But for now, it will take some 2 -3 month to finalize the deal, after which I hope to list property on local ss.lv website