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Price decrease continues in major Riga housing estates

  • In November, the price decrease of the standard-type apartments that began a month earlier with a minimum price decline, continued in the housing estates of Riga. The standard-type apartment prices in November, compared to October, have decreased by 0.2%, and this price decline has been typical for almost all major housing estates or Riga, says Mr. Māris Laukalējs, Member of the Board of Directors of ARCO REAL ESTATE.


In November 2014, the average price of a standard-type apartment has decreased to position of 638 EUR/m². The prices on average are by 60.6% lower than on July 1, 2007, when the average price of a non-renovated standard-type apartment reached the highest ever value- 1620 EUR/m².

 

The expert explains in the following way the decline of the standard-type apartment prices that has been observed for the second month in a row: “The potential buyers’ hesitant position and hence the abstinence from property acquisitions which is currently causing the price decline has been caused by the uncertainty of implementation of the "non-recourse loans” principle and the economic-political exacerbation of the situation in Ukraine. It is undeniable that the overall market trend is also determined by the adoption of the Immigration Act amendments, resulting in a reduced number of transactions in the segment of new projects and the city centre apartmens,, which in turn influenced the standard-type apartment market.”

 

It should be notedthat in Novemberfor the firsttime in the lastthreeyears, themonthlypricedecline wasgreater than0.1%. The largest decrease of the average price of m² in November was observed in Pļavnieki (-0,7%; 668 EUR/m²), Āgenskalns (-0,7%; 680 EUR/m²) and Bolderāja (-0,7%; 458 EUR/m²). In Imanta, the price level remained unchanged in November. In turn, the prices grew in Ķengarags (+0,4%; 597 EUR/m²) and Zolitūde (+0,4%; 695 EUR/²), analyzes Mr. M. Laukalējs.

 

The highest standard-type apartment prices in November 2014 still were in Teika, where the average price of 1m² has decreased in November, reaching the level of 799 EUR. But the lowest average price of 1m² has remained in Bolderāja where in November it dropped to 458 EUR.

 

Having summarized the number of apartments offered for sale, it was found that the largest offer of apartments in the housing estates in November was in Purvciems (426), Imanta (312) and Teika (301). But the housing estates where the number of apartments supplied was the smallest were Bolderāja (76) and Vecmīlgrāvis (96), as stated in the standard-type apartment market overview prepared by ARCO REAL ESTATE.

 

The largest supply growth was observed in Imanta (+10,2%) and Ziepniekkalns (+9,7%), while in Jugla (-20,8%) and Iļģuciems (-12,3%) there was observed the most significant reduction of the apartment supply.

 


15.12.2014.

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