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Monday 18.11.2019 | Name days: Doloresa, Aleksandrs
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Ober-Haus: stable housing market activity

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

In March 2011, housing prices remained flat, only with some segments reporting small gains. The average price of non-renovated serial apartments in Riga residential areas formed 577 euro/m2.

In February, the average price of one-room flat was 639 euro/m2, of two-room – 587 euro/m2, of three-room – 551 euro/m2 and of four-room apartment – 531 euro/m2, according to Ober-Haus data.

During the last six months, Teika remained the most expensive residential area with the average price of non-renovated serial apartments amounting to 687 euro/m2 in March 2011. Plavnieki ranked second with the average apartment price of 617 euro/m2, also Purvciems, Mezciems and Agenskalns did not fall far behind with the average price of 613 euro/m2.

While the lowest average price of non-renovated serial apartments in March was observed in Bolderaja – 470 euro/m2, Vecmilgravis – 521 euro/m2, Kengarags – 540 euro/m2 and Sarkandaugava – 553 euro/m2. The price gap between the popular and less popular neighbourhoods rose from 194 to 217 euro/m2.

According to the Land Register data, in March 2011 the recorded number of transactions in Riga remained the same – around 460 deals were concluded, indicating stable buyers’ activities.

Comparing March with February, prices have mostly climbed for three-room and four-room apartments.

Also, credit institutions boosted their activities in March, making housing purchases more available to customers. All these factors contributed to the average price gains.

As for Riga centre housing segment, March reported more activity as well. Young people with stable income showed greater interest, willing to reply to banks’ offers and improve their living conditions by purchasing a dwelling. Similarly, there was also interest in apartments seized by banks, because often they offered special lending conditions. However, requirements observed in the previous periods – a renovated or new building, a range of public utilities and their costs, the heating system and parking options – did not change. The demand grew, yet the supply meeting these requirements shrank.

In terms of purchasing an apartment in Riga centre, the greatest activity was still recorded among foreign customers, mostly from the CIS countries. Considering this particular interest, apartment owners wanted to raise property prices, often unreasonably, not realizing the discrepancy between the price and quality may scare potential buyers away.

New project apartments prices in Riga centre ranged from 1 300 – 2 200 euro/m2, while in residential areas – from 860 to 1350 euro/m2.


Leave a reply

  1. Litas says:

    Foreigners buy out Latvian apartments

  2. Gertie says:

    Articles like these put the consmeur in the driver seat-very important.

  3. Howdy says:

    You cudlon’t pay me to ignore these posts!

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