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In January 2011, a minimum price change was observed in the market of standard-type apartments. In January, the standard-type apartment prices decreased by 0.5% on average.
A price drop was observed also in the beginning of 2011.
In January 2011, a minimum price change was observed in the market of standard-type apartments. In January, the standard-type apartment prices decreased by 0.5% on average. The average price of 1 m² of a standard-type apartment was 606 EUR. In the first nine months of 2010 a constant price growth was observed but this growth stopped in October and November, and in December there was observed a minor price drop. A price drop was observed also in the beginning of 2011.
At the end of 2010, the overall activity of the real estate market declined. As in other years, at the beginning of the year any significant activities and price changes are not expected. Also the average price decrease (0.5%) observed in January should be considered as minor and does not reflect any market trends. Also the apartment supply growth in January (+9%) reflected only a balancing of supply, taking into account the significant decline of number of apartments offered in the market in December 2010 (-17,8%).
Since the beginning of 2011, the standard-type apartment prices have grown by 16,3% on average. The biggest price growth has been observed at Āgenskalns – by 19%. But the smallest price growth was observed at Vecmīlgrāvis – by 10%.
In 2008, the average prices of standard-type apartments in Riga decreased by 33.5% on average. In 2008, the average prices decreased another 44,2%. In 2010 the prices grew by 16,9% in total.
Having analyzed the apartments offered we can see that the biggest number of apartments offered is located at Purvciems, Pļavnieki, Imanta and Ķengarags. In contrast, the smallest numbers of apartments offered are located at Bolderāja and Zolitūde. In all largest housing estates, except Vecmīlgrāvis, the number of apartments offered for sale grew in January. The largest growth in January was observed at Teika – by 23,7%. But at Vecmīlgrāvis this offer decreased by 4,4%.
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09.02.2011.