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Wednesday 20.09.2017 | Name days: Marianna, Ginters, Guntra
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Balsts: average price per 1 m2 increases for standard apartments

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAt the beginning of the year, average price of standard apartments per m2 increased by a minimal amount. The highest standard apartment price at the beginning of the year was noted in Teika – EUR 865 per 1 m2. Prices remained the lowest in Bolderaja – EUR 486 per 1 m2, as reported by real estate company Balsts.

The company’s index increased by one point – to 170 – in January.

«Compared with January 2016, the number of transactions in Riga has declined by 23%. This decline can be explained with record-large purchase/sale and supply decline in January in comparison with December 2016. January market an increase of prices of standard apartments in Riga. Although by a small amount, prices have increased 0.22%,» – comments Balsts chairman Aigars Zarins.

Demand for rent of apartments in Riga only slightly exceeded supply in January when compared with last year’s December. The largest rent apartment supply was noted in Purvciems and Agenskalns. The lowest was noted in Vecmilgravis and Bolderaja.

«Because demand remains higher than offer, this has allowed rant prices to be increased to 3%. Apartments in the demand the most are two and three bedroom apartments. Rent pay in micro-districts has risen on average by 5-8 euros per 1 m2. In the city centre, prices have grown by 7-12 euros per 1 m2,» – note representatives of the company.

They explain that demand for rent is secured by the inflow of foreign students that arrive in Riga as part of exchange programmes. Rent fee in B-class office segment remains stable – within 7-10 euros per 1 m2. The proportion of offices with free space in Riga is 5-7%. Average maintenance costs range within 0.95 to 3.5 per 1 m2. Demand is the highest for small and medium-sized B-class offices with an area of 30-100 m2 in the city centre or the quiet centre with rent pay no higher than 8 euros per 1 m2.

Ref: 224.109.109.7982


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