In January 2018, the prices of standard-type apartments located in Riga housing estates increased by 1.1 %. The average standard-type apartment price in January increased to 776 EUR/m². Since the beginning of 2017, the standard-type apartment prices have grown by 10 % in total.
The largest growth of the average 1 m² price of an apartment in the housing estates of Riga since the beginning of 2017 was observed in Bolderāja (+ 14.5 %). Also in other biggest housing estates of Riga the prices increased this year. The slowest apartment price growth since the beginning of the last year was observed in Teika (+ 6.3 %)
In January 2018, the average price of a standard-type apartment increased to position of 776 EUR/m². The prices on average are by 52.1 % 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 January 2018, supply of apartments in Riga compared to the previous month in whole increased by 5 %. The number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE in January also increased - this time by 3 %. Compared to January 2017, the apartment supply was larger: the total number of apartments offered for sale was by 8 % higher, but the number of apartments offered for sale in the largest housing estates was by 10 % higher.
During the last month, the number of apartments offered for sale increased in most of Riga housing estates, The most significant increase of supply of apartments in January was seen in Zolitūde (+17 %). Whereas the offer significantly decreased in Jugla (- 24%).
The highest standard-type apartment prices in January 2018 still were in Teika, where the average price of 1m² was 918 EUR/m². The lowest average price of 1 m² remained to be in Bolderāja where in January it has increased to position of 557 EUR/m².
In January 2018, the most expensive apartments still were apartments in the houses of the 119th series and 104th series, where the price of 2-room apartments in a satisfactory condition varied from 45 000 to 51 000 EUR depending on the location. In turn, the so-called Lithuanian design were the cheapest ones, where the price of 2-room apartments varied from 26 000 to 40 000 EUR, and the so-called Khrushchev-time houses, where the price of 2-room apartments varied from 25 000 to 39 000 EUR, depending on the housing estate.