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In December 2010 the prices decreased by 0.8% on average.
December brought the price decrease
In December 2010 there was observed the price decrease on the standard-type apartment for the first time during 2010. The prices decreased by 0.8% on average. In December the average standard-type apartment price value was – 609 EUR/m². In 2010 there was observed the regular price increase during the first nine months of the year that was stopped in October and November. In 2010 the highest standard-type apartment price increase was stilled fixed in January – by 4,6%. In its turn there was not observed the price decrease starting from September 2009 when the average value of standard-type apartment achieved the level of 487 EUR/m².
The prices for standard-type apartments increased on average for 16,9% from the beginning of 2010. The highest price increase by January 1, 2011 was established on Āgenskalns – 20%. In its turn the smallest price increase was observed in Vecmīlgrāvis – 11%.
In December 2010 the number of apartments’ proposals for sale decreased in comparison with the level of previous month in both the largest housing estates reviewed by ARCO REAL ESTATE (-19,4%) and the other housing estates of Riga (-15,6%). The total proposals number in December decreased by 17,8%.
Māris Laukalējs, ARCO REAL ESTATE member of the board, head of appraisal department: December brought the first price decrease in 2010. In spite of insignificant price decrease (0,8%), this is regular tendency during the last months fluctuations, when there is observed the price increase in some housing estates and price decrease in the others, but the total month changes were close to zero. In December we can already speak about the price decrease as far as it is observed in almost all the housing estates, wherewithal the average standard-type apartment price at the end of December went down till 609 EUR/m². In general the standard-type apartment prices increased this year by 16,9% on average, that is lower than it was forecasted (20%).
The essential price decrease was in Vecmīlgrāvis – 1.6%, Bolderāja – 1.5%, Jugla – 1.3%. The insignificant price decrease was in Pļavnieki, Iļģuciems and Ziepniekkalns.
The proposals number had essential decrease in December - 17.8%. In its turn it means that in general there is low-activity period on the standard-type apartments market that is evidently more explainable with holiday atmosphere, severe and snowy winter and possibly with uncertainty about the influence of new taxes on the real estate market.
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01.02.2011.