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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Rental market sees growing demand for Old Riga apartments

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUIn March, 2011, rental market recorded surging activity with foreigners demanding two-room apartments in Riga Silent Center, while locals mostly opted for two to three-room apartments in the active center.

Similarly, March also saw growing demand for Old Riga apartments, compared to the previous months, according to Ober – Haus data. People mostly consider a renovated building, lift, security and a parking lot in both the markets Silent and active Riga center.

People were also interested in Riga suburbs new projects, however, the supply is limited and, consequently, the rent is raised. Regarding new projects advantages, people appreciate the option to park a car in an underground basement parking.

Comparatively small quality apartments supply added to 5-10% rent surges in Riga, making up 410-460 euro/month for one-room apartments, 460-650 euro/months for two-room apartments and 750-1 000 euro/month for three-room apartments.

Similarly, private housing sector also reported a surging demand in March, with the most interest in Mārupe, Ķīpsala, Mežaparks, Ezerkrasti, Saulkrasti and Berģi. Private housing with a monthly rent not exceeding 500 lats, including utility bills, was the most demanded.

Similarly as with apartments, the most interest expressed in private housing was observed among the CIS countries residents, Scandinavians and people from Kazakhstan. Locals were mostly interested in properties seized by banks. Moreover, it was more and more difficult for owners of real estate to sell it for the existing market price, because almost all of the demanded objects are priced 15-20% above the market price.

Along with melting snow people resume interest in land plots, with 1 200 m2 building plots with all the communications and in populated areas – Mārupe, Babīte, Teika, Pārdaugava – among the most demanded ones. This activity has already added to 25% price gains in Mārupe and Babīte near Imanta, because quality offer is shrinking – one can now hardly find a plot for 15-20 euro per square meter.

 


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