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Saturday 21.07.2018 | Name days: Meldra, Meldris, Melisa
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Balsts: sharp rent rate surge expected in July

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUA steep rise in the rent rates is forecast in mid-summer (July), which is tied to Russia and other Eastern neighbours’ interest in rental facilities in Riga centre, Old Riga and Jurmala, according to Balsts observations.

As expected, the first half of 2011 was stable and consistent – prices, as well as the customers’ activity and behavior remained at the same level. In a way, it is possible to assess the first half-year as «stagnation» on the real estate market, as for the first time since 2007 prices remained flat for six months, indicates the real estate agency.

The only fact that was noteworthy, compared to the local buyers’ interest, which remained unchanged, we observed increased activity from Russia and former CIS countries’ residents. Although if assessing the actually carried-out transactions, there was no increase registered since early 2011. However, foreign customers’ interest was larger than before, giving way to hope of faster market activation in the nearest future.

Basically, these people are interested in apartments at new projects, as well as in apartments at renovated buildings. They opt for quality, not for unfinished properties where resources and time have to be invested. Also, there is a lack of quality offer and the demand is exceeding the supply considerably.

Due to the approach of the international new musicians’ competition New Wave 2011, there is currently greater interest in quality and exclusive rental objects. As a result of the growing interest, rental rates might be raised artificially, especially on Jurmala market and partly in Riga as well as Old Riga.

Of course, looking back at the last year’s events, it is realistic to recover annual rental costs during the New Wave week, because up to 20 000 euro per week was offered a year ago for some houses in good condition, located at the seaside.

We predict the number of transactions will climb in the rental segment; however, it will not be that notable to be surprising. Rent rates should return to the previous level at the end of the summer season if it is warm, otherwise prices will start dropping immediately after the New Wave conclusion.


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