Is it worth investing in Riga Old Town? Read our summary of data on tourist flows in Riga and the future prospects for Old Town.
Old Town: From empty shop windows to a new lease of life
For almost 5 years, Old Town's shop windows have been decorated with "For Rent" and "For Sale" signs. Are these shabby windows really about to open up again to a glorious life, packed restaurants and refurbished apartments? If we look at the data, the answer is yes, change is happening.
Riga's tourism is recovering and thriving
In 2023, Riga welcomed more than 1.2 million tourists, surpassing the one million mark for the first time since 2019. The number of overnight stays in hotels increased by 22% compared to the previous year.
The figures for 2024 are even more impressive, with 1.1 million foreign guests registered in hotels (+15.8%) and the total number of nights spent reaching 2 million (+10.8%). In addition, the real volume of tourists is estimated to be at least 20% higher when short-term rentals are taken into account.
December - the peak of tourism
December 2024 became the best month for tourism since 2019. The city achieved 88% of 2019's tourist arrivals, demonstrating the attractiveness of Riga in the winter season and the strength of its cultural and festive offer.
International recognition for Riga
Riga has been ranked 2nd in the prestigious "European Best Destinations 2025" survey (up from 6th place in 2024), becoming the best destination in the Baltics and one of the most sought-after in Europe. More than 1.25 million people from 158 countries took part in the survey.
Tourist origin in 2024: Riga becomes popular in Northern Europe
-Lithuania - the largest number of tourists (+7.4%)
-Germany - fastest growth (+30%)
-Sweden (+27.7%), Norway (+20.3%), Poland (+16.2%), Finland (+6.9%)
-Estonia - stable 2023 level
These data show that Riga is becoming increasingly attractive to Northern European travellers.
Investment and urban regeneration
A ~€1 million programme to "revitalise" Old Town, launched in 2024, aims to bring people back to Old Town with art, comfortable benches, cultural and sporting events. This is happening in parallel with the positive tourism dynamics, creating a favourable environment for long-term investment.
Perspective
Although the pre-pandemic level has not yet been reached, the trend is clearly upwards. Kārlis Liede, economist at the Bank of Latvia, points out that one of the biggest problems is the lack of visibility of Latvia. However, in a 2023 study, 98% of foreign tourists said that Riga had met or exceeded their expectations - a strong signal of the potential of our capital. And as we know, a friend's recommendation is the most effective advertisement.
Old Town windows - a symbol of opportunity
Although empty windows are still quite common in the Old Town, there are far fewer of them than immediately after the pandemic, and they are slowly but surely filling up with new, cool places for entertainment and shopping. Empty shop windows are no longer just a reminder of the past. They become a symbol of opportunity - to be reborn, to inspire and to become a living, breathing city centre. A city that can be reborn can also offer a solid foundation for investment and new dreams.
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