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Standart type apartment market overview | MAY

  • In May 2018, the prices of standard-type apartments located in Riga housing estates increased by 0.1 %, the average standard-type apartment price reaching 791 EUR/m². Since the beginning of 2018, the standard-type apartment prices have grown by 3.1% in total.


In May 2018, the price rgrowthises declined to a minimum (0.1%), and in several housing estates there was no price change at all. The previous dynamics of price increases stopped last month. In the two most expensive housing estates in the city, namely, in Imanta and Zolitūde, , price changes were not observed for the third consecutive month, which could indicate that the prices have reached the highest limit. Apartment price growth also stopped in the vicinity of Riga.

 

The apartment supply in Riga's largest housing estates this year is larger than in the first half of last year. However, in May, any supply growth was no longer observed, and it did not change during the month.

 

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 (+ 4.7 %). Also in other biggest housing estates of Riga the prices increased this year. The slowest apartment price growth since the beginning of this year was observed in Jugla and Imanta (+ 1.7 %).

 

In May 2018, supply of apartments in Riga compared to the previous month in total increased by 1 %. But the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE remained unchanged. Compared to May 2017, the apartment supply was larger: the total number of apartments offered for sale was by 1 % higher, but the number of apartments offered for sale in the largest housing estates was by 6 % higher.

 

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 was in Jugla (+ 21%), while the number of apartments in Zolitude decreased by 19%.

 

When analyzing the number of apartments offered for sale in May in proportion to the size of the housing estates, i.e., by number of population, the highest number was recorded in Mežciems and Āgenskalns and Mežciems. By contrast, the number of apartments offered for sale was proportionally lowest in Bolderāja and Ķengarags.

 

In May 2018, a positive change in standard-type apartment prices was observed in almost all of the major Riga housing estates. In most housing estates, the prices increased in the range from 0.1 to 0.7 %. The biggest price increase was registered in Ziepniekkalns where apartment prices rose by 0.7 % during the month. But in Pļavnieki, Mežciems, Vecmīlgrāvis, Imanta and Zolitūde no price changes were seen in May, and the prices were at the same level as in the previous month

 

 


14.06.2018.

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