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Friday 21.09.2018 | Name days: Matīss, Modris, Mariss
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Average standard apartment prices stable for second consecutive month

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe average prices of non-renovated standard apartments in Riga have maintained the previous month’s indicator – 577 euro/ m2 – for the second time this year.

In some segments, transactions are carried out for money sums higher than the average price. Customers are ready to pay slightly more for quality housing in good location. Yet this does not affect the overall average prices of non-renovated standard apartments, informs Ober Haus.

Since the average non-renovated standard apartment peak (1 700 euro/m2) in May 2007 the price drop comprises 59.7%, thus reaching the 2004 price level.

Compared to April 2010, the average prices of non-renovated standard apartments in Riga have risen by an average of 6.8%. In terms of number of transactions, Ober-Haus characterizes the situation on the property market as stable. The number of registered Riga real estate transactions in the Land Register has not increased, hovering roughly at the same level since the beginning of the year. In April, Riga City Land Register recorded 439 apartment purchase transactions.

In April, Riga centre housing segment saw a slight change in the real estate buyers’ behaviour. Along with foreign buyers, local customers also become more active.

Despite growing buyers’ interest, the choice has become very limited after good and quality housing supply reduced in recent months. It is no longer easy to find a suitable housing; therefore, actual deals are rarely concluded. There is a lack of quality property. Contrary to foreign buyers, locals have started to show interest in repairable apartments, placing huge emphasis on the property’s location. Yet, the key apartment selection criterion is heating – autonomous gas heating is preferred. Often the autonomous gas heating is the primary and mandatory requirement.

In the second half of April, Ober-Haus experts observed increase of activity among traders trying to sell their property for some time. Unable to find buyers on their own, they turn to professionals. This is due to several factors – too high selling price and not valued property condition.

Demand for new projects on the real estate market have not changed, remaining at the previous months’ level. Customers again inquire about price discounts, since prices were increased in the first months of 2011. In the new project segment, buyers opt for apartments at high quality projects with a full finish. However, customers slowly examine a number of property options and the final decision-making might protract for up to 5 months.

Prices of apartments at new projects in Riga suburbs have maintained at the previous month’s level and comprise an average of 860 – 1 350 euro/m2.

Prices of apartments at new projects in Riga centre range from an average of 1600 up to 3 100 euro/m2, amounting to 5 500 euro/m2 in the quite centre.

 


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  1. lil says:

    They are still too expensive for the low class.

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