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Property purchase and rent trends are similar among Baltic States

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCurrently the proportion of standard apartments in Riga in comparison with new projects is rather significant – while the number of standard apartments in the capital is 3,200, new projects are limited to only 300 buildings, according to information compiled DNB Bank and Ober-Haus on apartment demand in Latvia and Baltics.

Vilnius is a leader among Baltic capital cities, where 39% of purchased apartments were in new projects in 2016. In Tallinn, popularity of new project apartments is 24% and in Riga it is 27%.

General apartment purchase trends show that activity is generally higher in Tallinn and Vilnius, where 21 and 20 deals are performed per 1,000 residents. In Riga, on the other hand, this index was only 15.

«Transactions involving pre-war and post-Soviet apartments remain the most popular in Latvia. Although residents are starting to express an interest for apartments in new projects, the real market situation proves the opposite – the ratio of new projects to standard apartments remains skewed. The main factor in this is the limited offer on the market,» says DNB Bank representative Kaspars Anckalnins.

He continues: «Unlike Vilnius and Tallinn, new project apartment houses in Riga are built relatively slowly. This is why the ratio of new projects to standard apartments in Riga and the fact that deals there form 27% of all apartment deals, which is a good index.»

Different nuances among Baltic States are also noted in demand for new project apartments: two and three bedroom apartments in the category of 80 to 90 thousand euros are the most popular in Riga. In Vilnius, apartments with the same area are in demand in the category up to 100 thousand euros. In Tallinn, these apartments with an area of up to 50 m2 are in demand in the category up to 130 thousand euros, according to compiled information.

At the same time, the general trend on the real estate market in Baltic States still shows that demand and supply are concentrated mainly in capital city area. Lithuania can be mentioned as a positive example. This is because market there is active in other major cities, not just the capital.

Speaking of trends on the property rent and purchase market, the general situation in Baltic States is rather similar. For example, it has been observed that younger people more often prefer to rent property, explaining that with unwillingness to take long-term commitments.

It should be said that some of the main factors when picking real estate property, Baltic residents most often consider location, developed infrastructure and energy efficiency of their chosen home. Apartment owners, especially in city centres, also find maintenance and utilities costs as important factors. Other factors include neighbours and public transport connectivity.

Ref: 225.109.109.6252


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