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Ceturtdiena 17.08.2017 | Name days: Oļegs, Vineta
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Riga standard apartment prices spike 1% over the year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn May 2011, the average square meter price at standard type apartments in Riga continued to fluctuate around 580 euro/m2 – by two euro less than in April. The price increase trend is observed for quality Riga centre apartments demanded by foreign buyers.

Over the year, the average price of Riga apartments has risen 1% – in May 2010 one square meter of standard apartment cost 575 euro. Since the restart of housing price climb in September 2009, when the average square meter price at standard apartments amounted to 500 euro, until May 2011 it has gone up 16.2%, according to Latio housing market report.

Demand for standard apartments has remained unchanged in May and is relatively low. There are still the so-called exchange transactions where the seller is looking for another dwelling within the same transaction. May reported a trend to exchange flats to smaller ones located farther from Riga centre.

Foreign buyers’ interest in purchasing quality housing in Old Riga and in Riga quiet and far centre remained high, while local buyers’ activity in Riga apartment segment has become more moderate. This is evidenced by the proportional changes in transactions regarding Riga centre parts. The volume of transactions is reducing in Riga far centre, where demand consists primarily of local residents, as well as fewer quality apartments are offered, shrinking by half over the last year instead of the previous 60% of all Riga apartment transactions. This year the number of transactions is rising in Old Riga, near and quite Riga centre, emphasizes Vija Gailīte, head of Latio Apartments and Private House Trade.

Foreigners’ growing interest in the purchase of apartments at Riga centre is linked to the possibility to attain temporary residence permit, as well as to other considerations, for example, expectation of capital growth in the future.

Since foreign buyers’ demand for quality apartment in good locations tends to increase, prices of such apartments rose in May. The price of quality apartments in renovated buildings in Riga centre range starting from 2 000 euro/m2, in some cases reaching 5 000 euro/m2. Transactions take place at prices from 2 300 – 2 700 euro/m2, with the tendency to amount to 3 000 euro/m2.

In Riga far centre prices of medium-quality apartments at pre-war buildings accounted for 650-900 euro/m2, of repaired flats – 900 – 1 100 euro/m2. In Riga near centre prices of medium-quality apartments comprised 900 – 1 200 euro/m2, but of repaired apartments – 1 200 – 1 500 euro/m2. While at the quiet centre prices of medium-quality apartments formed 1 200 to 1 400 euro/ m2 and 1 600 -1 800 euro/m2 for repaired apartments.


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