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Wednesday 17.01.2018 | Name days: Tenis, Dravis
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Most active housing segments – Riga centre and Jurmala

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

In March 2011, the buyers’ activity has not changed significantly and the average price of standard type apartments in Riga remained at the level of the previous months. Riga centre and Jurmala are still the most active housing market segments, where the demand is ensured by foreign buyers.

This March, the average price of serial apartments in Riga was 581 euro/m2 – by one euro less than in February 2011. The average prices of standard apartments have remained at this level for already more than half a year, indicates Latio housing market review.

Over the year, the average price of Riga standard apartments rose by 3.4% – in March 2010 one square meter in standard type apartments cost 562 euro. Since the renewal of growth in September 2009, when the average price of square metre in serial apartments hit 500 euro, until March 2011 it has increased by 16.2%.

Although the overall market activity is higher than a year ago, a significant increase in the local population demand has not been recorded; therefore, this market indicator – the average price of standard type apartment – for a long time has remained flat with slight fluctuations. Since the economic situation is not fostering a more active housing acquisition, the demand for quality apartments is persistently high on the rental market. The largest activity is still observed in Riga centre and Jurmala housing segments, where the foreign customers’ interest in purchasing a quality real estate in good location keeps rising, explains Vija Gailīte, the Head of Latio Housing Sales Department.

Along with the high demand for apartments in Old Riga and Riga quiet centre, the number of corresponding property offers rose in March. However, not all of the offered dwellings complied with the requirements of the potential buyers, because, for instance, they were situated in non-renovated buildings. Foreign buyers are interested in quality apartments in renovated buildings with well-kept surroundings, yet such offer is still insufficient.

The foreign customers’ interest in Riga centre apartments not only boosts the offer, but also the vendors’ desire to raise the offer price. Moreover, often such price increase is completely unjustified, because, although the apartment meets the buyer’s quality requirements, the house is not renovated, thus drawing away the potential customer, Gailīte indicates.

Also, compared with the first two months of 2011, the total Riga apartment offer has surged, reaching the level of late 2010. The rise in the offer was observed in two-room apartments in standard type buildings. The offer of apartments, whose owner is selling them to buy another apartment, moving from larger to smaller housing space, also increased. Moreover, apartments with large public utility debts are also put on the market. In such cases, the seller should be aware that part of the transaction sum will go to the debt repayment.


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