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As follows from the real estate market overview prepared by “Arco Real Estate”, in March the prices of standard-type apartments decreased by another 1.2% in average
The price fall was a little bit slower in March – the prices of standard-type apartments decreased by 1.2 %. The average price of a standard-type apartment on April 1 was 1330 EUR/m².
The number of apartment owners who are unable to repay apartment credits is constantly growing. Therefore, these apartments are more and more frequently sold at auctions. In general, the apartment market activity is still low; especially as far as transactions with standard-type apartments are concerned. Activity of buyers has been low also as to purchase of apartments offered in auctions.
The average price of a 1-room apartment in housing areas reviewed by „Arco Real Estate” on April 1 amounted to 1440 EUR/m², and this price compared with the price level of March 1 has decreased by 1.6%. Average price of a 2-room standard-type apartment amounted to 1369 EUR/m², and this price compared with the price level of March 1 has decreased by 1.5%. Average price of a 3-room standard-type apartment amounted to 1285 EUR/m² and this price compared with the price level of March 1 has decreased by 0.7%, but the average price of a 4-room apartment was 1228 EUR/m², and this price compared with the price level of March 1 has decreased by 0.8%.
Traditionally, the highest price level on April 1 was observed at Teika, where the average price of 1 m² was 1523 EUR, at Purvciems, where the average price of 1 m² was 1413 EUR, and at Mežciems, where the average price of 1 m² was 1411 EUR. But the lowest prices on April 1 were observed at Bolderāja, where the average price of 1 m² was 1195 EUR, and at Ķengarags, where the average price of 1 m² was 1269 EUR.
On April 1, the most expensive apartments still were the so-called 104th series apartments (price of a two-room apartment varied from 63 to 80 thousand EUR depending on the housing area) and the so-called 119th series apartments (price of a two-room apartment varied from 75 to 76 thousand EUR depending on the housing area). But the cheapest houses were the so-called Khrushchev-time houses, where the price of a two-room apartment varied from 51 to 653 thousand EUR and the so-called Lithuanian design houses, where the price of a two-room apartment varied from 53 to 65 thousand EUR depending on the housing area.
„Arco Real Estate” is carrying out monthly price researches also in the settlements closest to Riga. So, for example, the average prices of April 1 at Kauguri if compared with the prices of March 1 were decreased by 2%, and the average price was 1214 EUR/m². The price of standard-type apartments located at Ogre, Salaspils and Jelgava has decreased by 1% in average, so that the current price level is, respectively, 1289 EUR/m² , 1240 EUR/m², and 1071 EUR/m² .
03.04.2008.