25 years since regaining independence in 1991, Latvia is marked by unprecedented socio economic processes that have distinctively reshaped thinking and practice in architecture, requiring adaptation to the demands of the free market. In the course of this period more than 500 architectural competitions constitute half of the total number of architectural competitions in Latvia since the mid-19th century. Identifying five consecutive phases of accelerated architecture competition practice over the last 25 years, the paper examines procedures, outcomes and reasons behind success and failures. The specifics of Phase I: Confusion (1991–1996) are explained through substitution of state commissions with the first private interests and funding. The information exchange initiated in taking on the latest trends in international experience characterises Phase II: Acceleration (1997–2002). This is followed by Phase III: Controlled Utopia (2003–2008), when the building process reached its peak momentum. Phase IV: Lower Level (2008–2011) was initiated by the global economic crisis, eventually leading to Phase V: Integration of Knowledge (2012–2016). Providing multiple narratives on each of the phases, the paper critically reflects on the current potential of architectural competition practice, arguing that the building processes have not only provoked a spontaneous and hectic architectural and urban environment, but also allowed accumulation of knowledge to challenge good practice guidelines and rigid legal frameworks. The paper concludes with comments on the omnipresent uncertainty about whether competition practice still has the ability to be an instrument to evaluate the potential of the building sites and to be turned into a design tool to acquire the best architectural solutions.