In September, along with the date of effect of the Immigration Act amendments, the number of transactions with apartments in the new projects decreased dramatically. Only 51 transactions took place in Riga, which is the lowest indicator during the last 2 years since September 2012. A similar tendency was also observed in Jūrmala, where there were concluded 56 transactions with apartments in new projects in July and 51 transactions in August, but in September only 12 such transactions took place. Also, the number of transactions with apartments, the price of which exceeded 250 000 EUR, which is the new minimum threshold for obtaining temporary residence permits, was reduced, shows the new project market overview prepared by ARCO REAL ESTATE (bit.ly/new_projects_en).
Answering to the question about the typical prices in new projects located in Riga, Mr. Māris Laukalējs, a Member of the Board of Directors of ARCO REAL ESTATE, stressed that the average price of new projects located in the housing estates in the 3rd quarter was 1480 EUR/m², which is by 5% higher than in the previous quarter, while in the Riga city centre, and also in such areas as Ķīpsala and Klīversala that are situated close to the city centre, the average price in the 3rd quarter remained to be 2600 EUR/m2.
According to the data available to ARCO REAL ESTATE, the total amount of transactions in the 3rd quarter of 2014 with new project apartments in Riga housing estates were 294 (179 in July, 157 in August, and 51 in September), and this is by 24% more than it was in the 2nd quarter when 237 transactions took place. The highest number of transactions was recorded in such Riga housing estates as Teika, Imanta, Purvciems and, Zolitūde. While the lowest number of transactions was registered in Bolderāja, Vecmīlgrāvis and Ķengarags.
In the Riga city centre, the supply of apartments in new projects decreased by 14% and in total consisted of 320 apartments. The number of transactions with the new project apartments in the 3rd quarter of 2014 in this area was 93, which is by 37% more than in the 2nd quarter when 68 transactions were concluded, informs Mr. M. Laukalējs.
Following the development of the overall economic situation in the country, also the local buyer’s interest in apartments of new projects in Riga housing estates grew moderately in the 3rd quarter.