Latviski English По-русски
Monday 18.11.2019 | Name days: Doloresa, Aleksandrs

Ober-Haus: stable housing market activity

(No Ratings Yet)

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!

Week in Lithuania: President pardoned two Russian spies, climate action plan approved and bomb defused

Last week, in Lithuania, the key news stories were a presidential pardon to Russian spies, the approval of a climate change action plan getting approved and the start of a mission of the International Monetary Fund.

BNN summary of the week: budget 2020; excellent Latvian filmmakers; doctors’ worries

The patriotic week passed in Latvia not only with the celebration of the 100th anniversary of Latvian army’s victory over Bermondt forces but also with intense discussions for the country’s budget of 2020. The 25-hour-long debates became so heated in the end the opposition left before the final vote. Because of that, the budget project was adopted with votes from only 57 deputies.

October’s inflation in Latvia higher than average in EU and Eurozone

In October 2019, inflation in Latvia was higher than the average in the European Union and Eurozone, according to information published by Eurostat on Friday, 15 November.

Z-Towers examination reports to be evaluated by construction experts

The State Construction Control Bureau of Latvia has commenced an administrative process and plans to assess the work performed by certified construction experts on Z-Towers. This includes assessing reports associated with the project, as confirmed by the office’s representative Elīna Balgalve.

Riga’s Vice-Mayor dismisses the board of Riga Central Market

Vice-chairman of Riga City Council and shareholder Vadims Baraņņiks has dismissed the board of SIA Riga Central Market.

Unemployment in Latvia drops to 6%

Latvia's unemployment rate constituted 6.0 % in Q3 2019. Compared to the previous quarter, unemployment rate fell by 0.4 percentage points, while over the year it reduced by 1.0 percentage points.

Employment rate in Latvia reaches 65.6% of the population

917.8 thousand people or 65.6 % of the population of Latvia aged 15–74 were employed in Q3 2019. Over the year, employment rate grew by 0.3 percentage points, and number of employed persons fell by 2.3 thousand. During the period, population declined faster than the number of employed persons.

SEB share price heavily affected by suspected money laundering in Baltics

Swedish banking giant SEB AB has seen its stock value sinking by 15% as it awaits a programme by the Swedish public broadcaster over suspected money laundering in the Baltics, where the name of the bank would also appear, Bloomberg reports.

State Security Service detains three persons for illegal arms supply to African countries

Latvia’s State Security Service has detained three persons for illegal supplies of arms to African countries under EU and UN sanctions, as mentioned in VDD’s report.

Investigators of MH17 downing point to close Putin ally

Dutch-led investigators of the downing of the 2014 flight MH17 over Ukraine have published a series of phone intercepts, among them one between former senior Kremlin official and pro-Kremlin separatists rebels blamed for the crash.

Harmony halts work in Riga City Council coalition until GKR makes up its mind

Political party Harmony’s faction in Riga City Council has decided to halt its work in the coalition until Honour to Service Riga makes up its mind in regards to cooperation with Independent Deputies Faction, as confirmed by Riga City Council’s vice-chairman Anna Vladova on Thursday, 14 November.

To increase parties’ independence, Saeima decides to boost support for them

In the final reading, Latvia’s Saeima approved controversial amendments to the Law on Financing of Political Organizations, significantly boosting state support for political parties.

Sweden sells off Australian, Canadian bonds over carbon footprint

Sweden’s central bank has stated it had given up bonds in the mining regions of Australia and Canada as Riksbank said the greenhouse gas emissions of both countries were large.

With 57 deputies present, Latvia’s Saeima adopts state budget for 2020

After two-days’ worth of discussions, Latvia’s Saeima finally approved the state budget on Thursday, 14 November, with 57 votes in favour, as reported by Saeima’s press-service.

Germany to partly lift solidarity tax for support of ex-communist east

Germany has had since 1991 a solidarity tax requiring people in western Germany to support the east of the country to support its economic development. The government has decided to largely lift it from 2021.

Lithuania set to expand residential real estate tax payers’ base

With the economy prospects for the new year looking bleaker, the Lithuanian government is scrambling to find new ways to prevent a looming drought of state coffers. The Lithuanian legislature, Seimas, has revisited this week the idea of taxing polluting cars, real estate and bank assets.

Estonian skiing ex-coach convicted of doping facilitation

A court in Estonia has found Mati Alaver, a former national skiing coach, guilty of doping facilitation and convicted him to probation.

Tourist upturn in Latvian accommodations reaches 2.27 million in 2019

1.03 million foreign and Latvian visitors stayed at Latvian tourist accommodation establishments Q3 2019, which is 0.5 % more than Q3 2018. Compared to corresponding period of the previous year, the number of nights spent by visitors increased by 1.5 %.

Central Election Commission permits signature collection for Seaima’s dismissal

On Thursday, 14 November, Latvia’s Central Election Commission registered a signature collection process initiated by Varu Latijas Tautai and Centre Party for the dismissal of the 13th Saeima.

Corruption watchdog once again punishes VID officials for illegal information acquisition

Corruption Prevention and Combating Bureau has once again punished officials of the State Revenue Service who were caught illegally acquiring information from systems.

Saeima decides: unemployment benefit to be paid for eight, not nine months

From 2020 onward unemployment status will be provided and benefits paid for eight months instead of nine, BNN was told by Saeima’s press-service.

Lithuania pushes for NATO ally involvement in EU defence projects

Lithuanian National Defence Minister Raimundas Karoblis has emphasised that European Union’s defence projects should be open to NATO allies from outside the EU to join in.

Healthcare trade unions to decide on future protests in Latvia

Latvian Trade Union of Health and Social Care Workers council plans to decide on future protests on Tuesday, 19 November, as confirmed by the trade union.

Estonia registers lowest unemployment in century

The unemployment rate in the century-long history of Estonia has dropped in third quarter of the year to a record low of 3.9%, the country’s official statistics show.

Minister: suspicious interest for Latvia’s military objects considered medium-high

The level of suspicious interest of foreign people for Latvia’s military objects using different research methods, including drones, is considered medium-high, says Latvia’s Defence Minister Artis Pabriks.

Do NOT follow this link or you will be banned from the site!