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December shows housing prices drop

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Baltic news, News from Latvia, BNN-NEWS.COM

December 2010 reported 0.8 % series apartment price drop for the first time during the year, amounting to an average price of 609 EUR/m2.

First nine month of 2010 saw continuing price climb, which stopped in October and November, thus January 2010 still kept its positions with the highest series apartments price spike – 4.6%. Price drop had not been recorded since September 2009, when the average series apartments price fell to 487 EUR/m2, Arco Real Estate told the business news portal BNN.

Apartments supply grew in 2010, with November reporting a slight drop in it, turning into a considerable one in December – by 17.8% (19.4% in the leading districts and 15.6% in the rest).

This testifies for a passive market activity, due to the celebrations, uncertainty about 2011 tax policy and overall goods and services price spike. Given all the above mentioned and only a slight price fall in late 2010 – no considerable price fluctuations are expected in the first quarter of 2011. Analysts say currently apartment prices tend to stabilize.

2010 December prices still maintain the level of April 2009, with the average price of 606 EUR/m2. Prices have surged 25.1% since the low-point in September 2009.

December was the first month of 2010 to record a price drop. Although it is quite small (0.8%), it is a logical consequence of the recent price fluctuations, when series apartments prices spiked in some districts, but declined in others, however, the overall price fluctuations neared a zero. It is possible to speak about a price drop in December, as it was registered in almost all the districts, thus in late December the average series apartments price formed 609 EUR/m2. All in all, series apartments prices surged about 16.9% in that year, which is 20% less than forecast, explains the Head of Valuation Department and Board Member Māris Laukalējs.

Vecmīlgrāvis district registered the biggest price drop – 1.6%, followed by Bolderāja – 1.5% and Jugla – 1.3%. Pļavnieki, Iļģuciems and Ziepniekkalns recorded the smallest price decline.

December also reported a considerable drop in apartments supply – by 17.8%, which means the market is quite passive at the moment, due to the celebrations, severe winter and uncertainty of the new taxes impact on the real estate market.


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  1. rut says:

    hmm for the first time finally,, will this process be ongoing.. we’ll

  2. rut says:

    we’ll see

  3. Hayle says:

    TYVM you’ve solved all my prolbmes

  4. Bubber says:

    Stellar work there everyone. I’ll keep on raeidng.

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