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Tuesday 24.04.2018 | Name days: Nameda, Visvaldis, Ritvaldis

Standard-type apartments accessible the most in Riga

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe rise of actual income and low interest rates for loans contributed to the improvement of housing accessibility in Riga and Vilnius in Q2 2016. Both standard-type and new apartments became more accessible to residents.

In Tallinn, on the other hand, the most rapid rise of housing accessibility index was noticed for old apartments. Housing index for new projects had reduced in Tallinn in Q2 2016.

In Q2m SEB Housing Accessibility Index for standard-type apartments in Riga had increased to 52.2 m2, which is 0.2 m2 more in comparison with Q1 2016 and 0.3 m2 more in comparison with Q2 2015. In Vilnius, index value for old apartments in sleeping districts had increased by 0.1 m2 to 41.3 m2 in Q2 2016. The most rapid rise of the index was noticed in Tallinn – by 0.7 m2 to 42.8 m2.

«In spite of the decline in wage growth in Latvia, income of employed people continues to grow. Residents’ purchasing power continues to improve. All this contributes to the growth of the index value. Loan rate reduction also has positive effect. Interest rates for new housing loans in Latvia have declined by 0.20 percentage points since the beginning of the year. Estonia’s loan interest rates were 0.05 percentage points lower in Q2 and interest rates in Lithuania were 0.03 percentage points higher in comparison with Q4 2015. Nevertheless, effective interest rate of housing loans in Q2 was the lowest in Lithuania (2.06%), followed by Estonia (2.60%) and Latvia (3.28%),» – explains SEB Bank’s economic expert Edmunds Rudzitis.

Price rise of real estate properties is a factor that slows the growth of the housing accessibility index. This is especially well-reflected in the new housing segment in both of Latvia’s neighbouring countries. Index value for new project housing offers had increased significantly in Riga over the course of the year – by 1.9 m2 to 27.9 m2. The index value in Vilnius had increased by 0.3 m2 to 29.5 m2. In Tallinn, however, index value had decreased by 0.8 m2 to 37 m2. This is because the price of new apartments there had increased the most there over the course of the year.

In spite of the decline of the index value, Tallinn’s new project apartments remain more accessible than those in Riga and Vilnius. This is demonstrated not only by higher housing accessibility index, but also the time necessary to save up money for the first instalment. To save up 20% of the first instalment to buy a home, Tallinn residents require 40.9 months, Riga residents require 49 months and Vilnius residents – 56.5 months.

Ref: 102.109.109.4782


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