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In June 2018, standard apartment prices in Riga housing estates did not change in overall. The average price of standard-type apartments in June remained to be 791 EUR / m². Since the beginning of 2018, the standard-type apartment prices have grown by 3.2 %.
In June 2018, the price increase stopped. In most of the housing estates, no price changes were observed. As in other years in June, market activity declined. A slight price change was observed in certain housing estates for the most demanded two- and three-room apartments. Apartment prices in the vicinity of Riga also stopped rising. Minimum price changes in June were detected in Salaspils and Jelgava.
This year, the supply in Riga's largest housing estates was steadily higher than in the first half of the last year. Similarly to last year, a drop in supply was observed in June.
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 (+ 1,7 %).
In June 2018, the average price of a standard-type apartment remained to be 791 EUR/m². The prices on average are by 51.2 % 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 June 2018, the prices rated by number of rooms in apartment, remained unchanged for 1 – 4-room apartments. The average price of one square meter of standard type apartment increased for two-room apartments (+ 0,1 %) three-room apartments (+ 0,1 %).
In June 2018, supply of apartments in Riga compared to the previous month in total increased by 2,5 %. But the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased by 2 %. Compared to June 2017, the apartment supply was larger: 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 June was in Purvciems, but the lowest apartment supply was in Bolderāja.
Last month, the apartment supply in Riga housing estates was characterized by both an increase in the number and a decrease: the most significant increase in June was in Vecmīlgrāvis (+ 23 %). But the most significant decrease was seen in Teika (- 19 %).
When analyzing the number of apartments offered for sale in June in proportion to the size of the housing estates, i.e., by number of population, the highest number was recorded in Mežciems and Āgenskalns. By contrast, the number of apartments offered for sale was proportionally lowest in Teika.
In June 2018, no changes in standard apartment prices were observed in the largest housing estates in Riga. In most of the housing estates prices remained at the level of the previous month. Prices in individual housing estates increased by 0.1 - 0.6 %. The biggest price increase was registered in Jugla, where apartment prices rose by 0,6 % during the month. But in Pļavnieki, Purvciems, Mežciems, Ķengarags, Ziepniekkalns, Imanta, Zolitūde, Āgenskalns un Iļģuciems no price changes were seen in June, and the prices were at the same level as in the previous month.
In June, standard-type apartment prices in comparison with the beginning of 2017 were higher by 12%. In turn, since the beginning of 2018, prices have increased by 3 %.
The highest standard-type apartment prices in June 2018 still were in Teika, where the average price of 1m² increased to 952 EUR/m². The lowest average price of 1 m² remained to be in Bolderāja where it increased to the position of 569 EUR/m².
In June 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 41 000 EUR, and the so-called Khrushchev-time houses, where the price of 2-room apartments varied from 25 000 to 41 000 EUR, depending on the housing estate.
16.07.2018.