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Real estate prices maintain stability

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

December 2010 did not report any considerable price fluctuations, keeping real estate prices stable.

The average unrenovated apartments price in Riga suburbs amounted to 565 euro/m2 in December, while it remained flat for one-bedroom apartments – 630 euro/m2, two-room apartments price formed 578 euro/m2, three-room – 537 euro/m2, four-room – 516 euro/m2, the business news portal BNN was informed by Ober-Haus.

Teika still ranks as the most expensive Riga suburb with the average unrenovated apartments price – 664 euro/m2. The average price in Pļavnieki amounted to 604 euro/m2, Purvciems – 603 euro/m2, Mežciems – 600 euro/m2, Āgenskalns – 597 euro/m2 and Zolitūde – 592 euro/m2. The price is the cheapest suburbs show stability as well, with the average unrenovated apartments price amounting to 470 euro/m2 in Bolderāja, Vecmīlgrāvis – 511 euro/m2, Ķengarags – 537 euro/m2 and Sarkandaugava – 538 euro/m2.

The suburb Pardaugava showed passive activities of clients, as there is an ongoing interest about properties currently below the market value. There is also an emerging interest about the real estate at a good price, but that has already been sold or is not offered any more. The period around Christmas showed especially small purchasers activity.

A drop in the supply was observed in December, compared to November. The sharpest fall was recorded in Purvciems, where one to four-room apartments number declined by 22%. Other suburbs did not register such a sharp drop, while some of them even showed a slight increase in supply in certain segments, for example, Sarkandaugava.

Center housing segment, in comparison with suburbs, recorded a stable market and big purchasers activity, due to huge foreign interest proportion in it. The majority of purchasers were from the former CIS countries, mostly from Russia. Local people were more active in the periphery of the center.

The silent center, the active center and Old Riga are still the most popular ones, leaving less popularity to the periphery of the center. The most demanded apartments are 80 – 150 m2 big, in new or renovated buildings, in a good condition and for a reasonable market price. The less demanded apartments in both the center and suburbs are unfurnished, located in the first or the last floor of a building; however there is little supply of such apartments in the City Center. In the center segment the demand is still exceeding the supply and the number of objects keeps dropping.

The center segment reported a slight average price climb in December; the average prices in the periphery of the center amounted to 800 to 1 200 euro/m2 (the upper limit rose 9%), in the active center – from 1 200 to 1 800 euro/m2 and in the Silent Center (renovated apartments) – from 1 800 up to 3 000 euro/m2, the average price increased by 13% from 2100 to 2400 euro/m2. The lower average price limit for unfurnished apartments in unrenovated buildings grew by 6% in Old Riga, up to 3 000 euro/m2 for renovated apartments in furnished buildings.

In the center segment, like in the suburbs, changes in the apartments supply were observed – one, three-room apartments supply kept stable, while two, three-room apartments supply dropped 15%. The apartments supply in Old Riga remained flat.

The number of new projects available in the market decreased, as the demand for quality housing surpasses the existing supply. Clients interest about new projects kept stable, and the rental market of new projects has maintained its activity as well. The proportion of local purchasers, willing to buy an apartment by obtaining a mortgage, has remained flat.

People are interested in apartments whose prices range from 40 000 euro for two-room apartments and the starting price of 65 000 for three-room apartments. Sellers are still not willing to negotiate prices, even rising them a little upon seeing the shrinking supply of new projects. The greatest demand in December was for fully furnished two, three-room apartments in the center.

No new projects were offered in the market in December. New projects prices maintain stability as well – 1 200 to 2 000 euro/m2 in the City Center and 800 to 1 250 euro/m2 in the suburbs.

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  1. P/L says:

    It looks like no one is building new projects any more. Lack of crediting?

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