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In October 2012, the standard-type apartment prices in the major housing areas of Riga still were stable. The changes observed in October were insignificant – 0.1%, and, therefore the average standard-type apartment price has dropped to 593 EUR/m².
Prices in Teika are now significantly different from other major housing areas and remain stable, or are even slightly increasing
In October 2012, the standard-type apartment prices in the major housing areas of Riga still were stable. The changes observed in October were insignificant – 0.1%, and, therefore the average standard-type apartment price has dropped to 593 EUR/m².
In the first three quarters of 2012, standard-type apartment price changes have been minor. Prices increased by an average of 1.4%. Housing supply is higher than at the beginning of the year; at the same time it is at a similar level as in the same period a year ago. It is likely that 2012 might be considered as the standard-type apartment price stabilization year. Also, no significant price fluctuations are expected at the end of this year, because so far this year, both positive and negative price changes have been observed. Also in the so-called "expensive" neighborhoods cheaper offers are appearing, which reduces the possibility of price increases. The only exception is Teika, where prices are now significantly different from other major housing areas and remain stable, or are even slightly increasing. Thus, housing prices at Teika have moved closer to the apartment prices typical for peripheral areas of the city centre evel.
Changes in the number of apartments offered for sale in October 2012, compared with the level of September, are insignificant. The number of apartments supplied has slightly decreased both in the largest housing estates analyzed by the ARCO REAL ESTATE (-2.9%) and in the Riga City in total (-2.1%). The number of apartments offered and located in the central part of Riga (city centre, Old Town) has increased only by 0.3%.
Market overview, Riga, standart type apartments, October 2012>>
09.11.2012.