Standart type apartment market overview | NOVEMBER

  • In November 2017, the prices of standard-type apartments located in Riga housing estates increased by 0.2 %. The average standard-type apartment price in November has increased to 762 EUR/m². In whole, since the beginning of 2017, the prices of standard-type apartments have grown by 8.1 %.


In Riga's largest housing estate, apartment prices increased also in November, but the growth is estimated to be negligible. This insignificant price increase has been observed in almost all of Riga's largest housing estates. Also in the previous years, the market activity was reduced at the end of the year. Normally, fluctuations in prices at the end of the year are not observed and apartment prices remain stable.

 

The supply of apartments at the end of the year tends to decrease: in November, as in the previous year, the supply showed a downturn. The overall supply of apartments dropped by 4% in November, while the supply in the central part of Riga rose by 10%. The number of apartments offered for sale in Riga's largest housing estates has fallen again - this time by around 8%.

 

In November 2017, the average price of a standard-type apartment increased to the position of 766 EUR/m². The prices on average were by 52.9 % lower than on July 1, 2007, when the average price of a non-renovated standard-type apartment reached the highest ever value – 1 620 EUR/m².

 

When analyzing the number of apartments offered for sale in proportion to the size of the housing estates, i.e., in proportion to the population, the highest number in November was still recorded in Āgenskalns, while in Bolderāja it was proportionally the lowest.

 

In November 2017, small positive changes were observed in standard-type apartment prices in almost all major housing estates in Riga. Prices in the housing estates increased by 0.2 - 0.6%. The largest apartment price growth was seen in Imanta, where the prices grew by 0.6 % during this month. No price growth in November was seen in Jugla, Ķengarags and Iļģuciems where the apartment prices remained to be on the same level as in the previous month.

 

The highest standard-type apartment prices in November 2017 still were in Teika, where the average price of 1m² increased to 899 EUR/m². But the lowest average price of 1 m² in November remained in Bolderāja, where it increased to 547 EUR/m².


14.12.2017.

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