+371 6736 5555

The average apartment price in major housing estates of Riga is by 150 - 200 EUR/m2 lower than the average prices in Tallinn.

  • In July 2012, the standard-type apartment market showed no significant changes. For the second consecutive month, the average standard-type apartment prices have remained unchanged amounting to 595 EUR/sqm.


The average apartment price in major housing estates of Riga is by 150 - 200 EUR/m2 lower than the average prices in Tallinn.

 

In July 2012, the standard-type apartment market showed no significant changes. For the second consecutive month, the average standard-type apartment prices have remained unchanged amounting to 595 EUR/sqm.

 

Standard-type apartment prices in the largest and most popular districts of Riga should be considered stable. The stop of the price fluctuations has been caused by the summer season when the apartment market usually is less active. Also the supply of apartments in July was stable remaining to be at the same level as in the previous month. At the same time, a slight drop in prices has been observed in several districts. It is more typical for the cheapest housing estates and areas far from the city center; in those areas the overall price increase has been the lowest in this year. And still there is a growing price gap between different housing estates, depending on their location, prestige and other factors. Similarly, prices of apartments located in the central part of Riga and in new projects are increasing, thereby moving away from the prices of standard-type apartments. Housing demand in this market situation is stable, people are relatively active in purchasing properties sold by banks, which often are sold at a slightly reduced price compared to market prices.

 

Mr. Māris Laukalējs, Member of the Board of Directors of ARCO REAL ESTATE, Head of the 1st Valuation Department: "Contrary to expectations expressed in the beginning of this year in respect of an increase of the standard-type apartment prices, the data of the first six months of the year indicate that the prices during the first half of the year actually have remained unchanged and that fluctuations mainly concern average prices in certain housing estates, showing both increase and decrease. Unlike Tallinn, where the price of standard-type apartments has increased by 11.6% and the volume of transactions has increased by 31%, the Riga standard-type apartment market has remained unchanged, although the volume of transactions has increased. Despite the generally positive economic development in the country, the current situation in the standard-type apartment market has apparently been caused by the fact that apartments offered at prices below the market value are still being launched in the market, mainly due to the increasing supply of properties owned by banks. Also, the average apartment price in major housing estates of Riga is by 150 - 200 EUR/m2 lower than the average prices in housing estates in Tallinn. Prices of apartments in new projects are steadily rising, thus increasing the difference between the average standard-type apartment price and prices of apartments in new projects, which is to be considered a positive trend for further development of the market segment of new projects".

 

Detailed information>> 


20.08.2012.

Recent offers

Read more >
Apartment For rent
2 ist., 2 no 3 st., 86 m2
Rīga, Ķīpsala
248 000 EUR / months
Read more >
Apartment For sale
1 ist., 3 no 4 st., 38 m2
Rīga, Centrs
72 000 EUR
Read more >
Apartment For sale
2 ist., 1 no 5 st., 35 m2
Bauskas novads, Bauskas pilsēta
26 600 EUR
Read more >
Apartment For sale
2 ist., 4 no 5 st., 38 m2
Rīga, Ķengarags
34 900 EUR
X

Recently viewed offers

&laqo; »
X

Sell or rent an object