In December 2017, the prices of standard-type apartments located in Riga housing estates increased by 0.7 %. The average standard-type apartment price in December has increased to 767 EUR/m². In whole, since the beginning of 2017, the prices of standard-type apartments have grown by 8.8 %.
In Riga's largest housing estates, apartment prices increased also at the end of the year. Mostly, in all of Riga's largest housing estates, there were minimal price fluctuations, including in Zolitūde, where the price increase was the highest during the month, i.e., 1.7%. Consequently, the apartment price level in Zolitūde was once again the second highest among the Riga housing estates.
The supply of apartments tends to decline at the end of the year. Also, in December, as in the past year, the supply fell into decline. The supply of apartments in December dropped by 8%, while in central Riga it dropped by 9%. Also in the largest housing estates of Riga, the number of apartments offered for sale continued to decrease, this time by 7%, and at the end of the year it was similar to that registered at the end of 2016.
In December 2017, the average price of a standard-type apartment increased to the position of 767 EUR/m². The prices on average were by 52.6 % lower than on July 1, 2007, when the average price of a non-renovated standard-type apartment reached the highest ever value – 1 620 EUR/m².
In December 2017, the overall supply of apartments in Riga compared to the previous month, decreased by 8%. Also the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased slightly– by 7 %. Compared to December 2016, the apartment supply still was significantly lower: the total number of apartments offered was by 13 % lower, but the number of apartments offered for sale in the largest housing estates was by 4 % lower.
In December 2017, small positive changes were observed in standard-type apartment prices in almost all major housing estates in Riga. Prices in the housing estates increased mostly by 0.2 – 1.7%. The largest apartment price growth was seen in Zolitūde, where the prices grew by 1.7 % during this month. No price growth in December was seen in Vecmīlgrāvis where the apartment prices remained to be on the same level as in the previous month.
The highest standard-type apartment prices in December 2017 still were in Teika, where the average price of 1m² increased to 907 EUR/m². But the lowest average price of 1 m² in December remained in Bolderāja, where it increased to 549 EUR/m².