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The prices for standard-type apartments increased on average for 15.9% from the beginning of 2010.

  • In general the prices for the standard-type apartments in Riga increased in July on average for 0.3%.


The prices for standard-type apartments increased
on average for 15.9% from the beginning of 2010.
 
In July 2010 in general there was not observed the price increase in the housing estates of Riga. In general the prices for the standard-type apartments in Riga increased in July on average for 0.3%. As far as this number is being been absolutely insignificant during the second month, it is considered that the price increase is stopped. Predominantly there was absolutely insignificant price increase in all large housing estates of Riga. The highest price increase in July was observed in Bolderāja, where the average price increase was 1.7%. In its turn in July there was established price decrease in Ķengarags by 1.4%. During the last months there decreased the apartments prices for Lithuanian and Khrushchev-time houses in Ķengarags. The decrease of apartments’ price the same as the stop of price increase is explainable with the general market activity reducing during the summer months. In connection with that the sellers of apartments do not increase the prices, but sometimes even reduce it. The development of residential market in the nearest future will depend on the general economical situation in the country, the same as the established in July person bankruptcy law and its influence on the further credit politics of banks.
 
The prices for the apartments continue to increase from September 2009 and by this moment they have increased on average by 24%. Still the middle of 2010 is marked as the general apartment price stabilization.
 
The average standard-type apartment price in July 2010 increased till the level of 604 EUR/m². In comparison with the prices of July 1, 2007 when there was the highest price level for non-renovated standard-type apartment of 1620 EUR/m², nowadays the prices are lower for 62,7% on average. In its turn, the comparison of prices with January 1, 2009 the average non-renovated standard-type apartment price in general shows the decrease by 35.3%.
 
More detailed information is available on the website of ARCO REAL ESTATE>>

11.08.2010.

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