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Ceturtdiena 21.06.2018 | Name days: Monvīds, Egita, Emīls
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Real estate company: number of deals decreases and prices rise

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn April, price rise was observed in all of Riga’s districts from 0.12% in Teika to 0.71% in Vecmilgravis. In the city centre, however, prices remained unchanged, as the situation is described by real estate company Balsts.

The average price per 1 m2 came close to EUR 726 even though there had been certain price increases – prices of apartments in Purvciems and Imanta were almost identical in April (766 EUR/m2 and 765 EUR/m2).

Teika remains a leader for apartment prices with 868 EUR/m2. Apartment prices in Bolderaja remain at 494 EUR/m2. Balsts index now reaches 173 points, as reported by the company.

«In spite of the government’s talks about notable growth in Latvia’s economy, there is still some instability noted on the real estate market. 2017 commenced with monthly fluctuations. Although the number of deals had demonstrated growth in Q1, Q2 started out with a 13.7% decline when compared with the same period of last year,» as explained by Balsts chairman Aigars Zarins.

He notes that traditionally this is associated with residents’ inability to save up money for the first instalment and lack of smaller apartments in new projects. «Of course, we should never forget about the gradual decline of our country’s population. There is also a growing demand for rent, because people want to be mobile and are often unable to buy housing where they want but can afford to rent where they want.»

Profitability of apartment rent in Riga’s micro-districts is higher than it is in the city centre. Rent price for two and three bedroom apartments in new project buildings is EUR 400 – 700 a month. The high price border for apartments of very good quality fits apartments with great finish. For standard apartments with previous space re-decoration rent price ranges from EUR 200 – 300 a month. For better quality standard apartments, that had undergone repairs in the past ten years, rent price amplitude was EUR 350 – 450 a month.

Greater demand for apartment rent has been noted for areas closer to the city centre and the largest micro-districts – Purvciems, Plavnieki, Imanta and Agenskalns.

Average apartment price in new project buildings in Riga’s micro-districts is currently at an average of 1,400 EUR/m2.

Rent rate for space remained unchanged in April when compared with March, staying at 15-25 EUR/m2 in Riga’s trade centres and 30-55 EUR/m2 for territories up to 100 m2. In Old Riga prices ranged within 20-50 EUR/m2.

Ref: 224.109.109.5096


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