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Standart type apartment market overview | AUGUST

  • In August 2018, standard apartment prices in Riga housing estates increased slightly - by an average of 0.2%. The average price of standard-type apartments in August increased to 794 EUR/m². Since the beginning of 2018, standard-type apartment prices have increased by 3.5% overall.


In August 2018, price growth remained low - no price changes were observed in several housing estates in Riga. It is projected that this year, the increase in standard-type apartment prices will not be as pronounced as in 2017. In several housing estates, the price increase has stopped for several months.

 

In the vicinity of Riga, an increase in the price of apartments was observed both in Ogre and Jelgava, where prices increased by 0.5% and 0.3%, respectively.

 

The supply of apartments in Riga's housing estates was once again more convincing than last year. In September, there was a significant increase in supply.

 

The largest growth of the average 1 m² price of an apartment in the housing estates of Riga since the beginning of 2018 was observed in Teika (+ 5 %). Also in other major housing estates of Riga the prices increased this year. The slowest apartment price growth since the beginning of this year was observed in Imanta (+ 1.6 %).

 

In August 2018, the average price of a standard-type apartment increased to 794 EUR/m². The prices on average are by 51 % 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.

 

In August 2018, the overall supply of apartments in Riga compared to the previous month increased by 4%. But the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased by 6 %. Compared to August 2017, the apartment supply was higher: the total number of apartments offered for sale was by 2 % higher, but the number of apartments offered for sale in the largest housing estates was by 8% higher.

 

Having summarized the number of apartments offered in the housing estates of Riga, it can be concluded that the largest supply of apartments in August was in Purvciems, but the lowest apartment supply was in Bolderāja.


11.09.2018.

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