It's flattering that you are even comparing Riga to Moscow, but unfortunately the prices were not sustainable and are currently in a nosedive. The economy is also in a bit of a crisis, with consumer expenditure on luxury goods record low and inflation running at 20%. There is currently a wave of reposession - mostly from poor and leveraged-out speculators who were running a dangerous game of lending 500% of equity of their purchases.

The good thing is that there are currently possibilities to purchase nice property at foreclosure auctions at 50% off the market price and if you are willing to purchase an apartment in Jurmala (beautiful!), it's a good time to get a good discount from the developers.