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Wednesday 24.01.2018 | Name days: Krišs, Eglons, Ksenija
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Real estate in Riga: offers decline – prices grow

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULately, Riga’s standard apartments market has not been rich in terms of variety of offers. The range of July’s offers had declined 10.3% in comparison with the previous month. However, compared to July of 2015, the range of apartment offers is even 27% lower, which is the lowest index of the past three years.

«One of the reasons for the sudden change in offers is the rapid decline of standard apartments in portfolios of banking companies. This means that apartments with lower prices are gradually disappearing from available offers rather than the market. The current offers consist from those provided by private persons that had previously invested in their apartments (restoration, repairs, furnishing, etc.) and have now decided to sell them. Agenskals is a leader among districts in terms of the decline in apartment offers in 2016. Standard apartment offers there have declined by nearly one-third. Prices, on the other hand, have grown 3.6% since the beginning of 2016,» – comments BALSTS Chairman Aigars Zarins.

Average prices of standard apartments had grown to EUR 699/m2 in July 2016. The highest apartment price in July was registered in Teika district (EUR 844/m2). The lowest, on the other hand, was registered in Bolderaja – EUR 480/m2. No drop in prices was noticed in Riga. Minimal increase (0.06% – 0.84%) was noticed in most of Riga’s areas. BALSTS index had grown by 1 point – 164 points.

Demand for apartments in Riga centre still exceeds supply in the rent segment. This allows keeping rent rates on the current level or slightly increasing them. Housing in the city centre is offered for 5-8 EUR/m2. If an apartment is located in the historic centre and has quality furnishing, its price is 10-13 EUR/m2. Apartments in exclusive buildings are offered for 20 EUR/m2.  Foreign students rent one bedroom apartments for an average of 350 EUR/month (500 EUR/month for two bedroom apartments).

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