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In September 2012, the changes in the standart-type apartment prices observed in the largest housing estates of Riga were minimal, within the range of 0.3%.
Housing vendors are often forced to slightly reduce the sales price to sell the property
In September 2012, the changes in the standart-type apartment prices observed in the largest housing estates of Riga were minimal, within the range of 0.3%. Therefore, we can assume that the standard-type apartment prices in September remained unchanged. The average standard-type apartment price, like in summer months, has remained unchanged – 594 EUR/m².
Standard-type apartment prices also remained stable in September. Housing vendors are often forced to slightly reduce the sales price to sell the property. Thus, in many places, more frequently in the cheapest and less demanded residential areas, it is possible to find offers at increasingly lower prices. The price reductions for apartments offered are mostly observed in the case of dwellings in satisfactory condition, sometimes with partial improvement of the interior decoration. These are the apartments, for which the demand is lowest in the current market situation. At the same time, the number of housing supply is not growing, and in September, it remained unchanged from the previous month's level.
The largest average price increase of 1 m² in the housing estates of Riga since the beginning of 2012 was observed at Jugla – +4.6%. The smallest price fluctuations were observed at Bolderāja - -1%, and Iļģuciems - +1%.
Changes in the number of apartments offered for sale in September 2012, compared with the level of August, are insignificant. The number of apartments supplied has slightly decreased both in the largest housing estates analyzed by the ARCO REAL ESTATE (0.4%) and in the Riga City in general (1.2%). The number of apartments offered and located in the central part of Riga (city centre, Old Town) has decreased by 4%.
Market overview, standar type apartments, September 2012>>
12.10.2012.