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In January 2024, changes were detected in the prices of standard-type apartments in Riga housing estates - during the month, the average price decreased by 0.3 %, falling to 848 EUR/m². In 2023, apartment prices in general have decreased by 7 %.
At the beginning of 2024, the decline of standard-type apartment prices continued. Negative price fluctuations were observed in most of the housing estates of Riga. Prices remained stable in several housing estates in January.
The number of apartments offered for sale in Riga's largest housing estates decreased sharply at the end of the year, but in January it experienced a sharp increase again (+22 %). The supply level in January was higher than last year in this period - in the first month of this year it exceeded the mark of 1,600 units. Thus, the supply level in the largest housing estates of Riga was 6 % higher than a year ago.
Since the beginning of 2023, apartment prices have decreased in all major housing estates of Riga. The biggest price drop in Riga housing estates since the beginning of the year was observed in Zolitūde (-11 %). In other major housing estates of Riga, prices have decreased by 3-9 % in 2023.
In January, the average price of standard-type apartments dropped to 848 EUR/m². The prices on average were by 48 % 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, changes were noted in apartment prices. The average price per square meter decreased for one-room (-0.1 %), two-room (-0.2 %), three-room (-0.4 %) and four-room (-0.4 %) apartments.
Compared to the previous month, the supply of apartments in Riga increased by 24 % in January. The number of apartments offered for sale in the largest housing estates of Riga analysed by "ARCO REAL ESTATE" increased by 22 %. Compared to January 2023, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 13 % higher, while the number of apartments offered for sale in the largest housing estates was 6 % higher than a year ago.
Summarizing the number of apartments offered for sale in Riga housing estates, it can be concluded that the largest supply in January was in Purvciems, while the smallest was in Bolderāja.
Last month, the number of apartments offered for sale increased in almost all major housing estates of Riga. The number of apartments offered for sale increased the most in Pļavnieki (+50 %). At the same time, the supply of apartments in Imanta and Zolitūde remained unchanged in January.
When analysing the supply of apartments in proportion to the size of the housing estate, i. e., by population, the largest supply in January was found in Mežciems. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta.
In January, there were changes in the prices of standard-type apartments in Riga housing estates. Negative price fluctuations were mostly observed in the largest housing estates of Riga. The most significant price reduction was observed in Zolitūde, Ķengarags and Vecmīlgrāvis, where prices decreased by 0.7 % during the month. In January, no price changes were observed in several housing estates of Pārdaugava, such as Āgenskalns, Iļģuciems and Imanta.
Compared to the beginning of 2023, in January, standard-type apartment prices were lower by 7 %. On the other hand, compared to the beginning of 2022, the prices were lower by 6 %.
The highest prices of standard-type apartments remained in Teika in January, where the average price of one square meter dropped to 1,066 EUR/m² during the month. The lowest average price of one square meter was found in Bolderāja in January – 644 EUR/m², which also slightly decreased in January.
In January, the most expensive apartments still were apartments in the houses of the series 119 and 104, where the price of 2-room apartments in a satisfactory condition varied from 51 000 to 55 000 EUR depending on the location. In turn, the so-called Lithuanian design houses were the cheapest ones, where the price of 2-room apartments varied from 29 000 to 41 000 EUR, and the so-called Khrushchev-time houses, where the price of a 2-room apartment varied from 27 000 to 43 000 EUR depending on the housing estate.
06.02.2024.