New Low-Rent Housing Building Opens in Cēsis

A new low-rent apartment building has been opened at 9 Lāču Street in Cēsis. The new building offers 56 modern and energy-efficient rental apartments, providing residents and families in Cēsis Municipality with the opportunity to rent high-quality housing at an affordable price. Jurģis Miezainis, Parliamentary Secretary of the Ministry of Economics, attended the opening event.

The building was constructed under the support programme for the development of low-rent housing, which since 2022 has enabled municipalities, in cooperation with real estate developers, to create new affordable rental housing in Latvia’s regions. In response to high demand and the shortage of housing in regional areas, the programme’s funding has increased by more than 2.5 times since 2022 – from EUR 42.9 million to EUR 104.8 million.

A total of 15 loan agreements have currently been concluded under the programme for the construction of 1,140 apartments, while another three projects are under evaluation. Overall, the programme is expected to support 16 projects providing 1,200 new rental apartments in Latvia’s regions.

The total cost of the Cēsis project is EUR 6.10 million, of which EUR 4.81 million is financed by the Recovery Fund. The project has created 56 apartments – four one-bedroom apartments, 25 two-bedroom apartments and 27 three-bedroom apartments.