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In November 2018, standard apartment prices in Riga housing estates increased slightly. The average price of standard-type apartments in November increased to 795 EUR / m². Since the beginning of 2018, standard-type apartment prices have generally increased by 3.6%.
In November 2018, the average price of standard-type apartments rose slightly, however, the price increase was negligible. Standard-type apartment prices increased more in the first half of the year, while prices stabilized in the second half of the year. Most likely, the total price increase this year in Riga housing estates will not exceed 4 %. In contrast, in the vicinity of Riga, there was a larger increase in apartment prices. This was also observed in November in Ogre, Salaspils and Jelgava.
Since the beginning of the year, the supply of apartments in Riga housing estates has been higher than last year. However, in October, supply levels decreased sharply and dropped below the level of 2017. Also in November, the supply levels remained lower than last year.
The largest growth of the average 1 m² price of an apartment in the housing estates of Riga since the beginning of 2018 was observed in Teika (+ 5.1 %). Also in other major housing estates of Riga the prices increased this year. The slowest apartment price growth since the beginning of this year was observed in Imanta (+ 1.6 %).
In November 2018, the average price of standard-type apartments rose to 795 EUR / m². The prices on average are by 51 % 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 November 2018, the overall supply of apartments in Riga compared to the previous month decreased by 2%. But the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased by 3 %. Compared to November 2017, the apartment supply was lower: the total number of apartments offered for sale was by 13 % lower, but the number of apartments offered for sale in the largest housing estates was by 6 % lower.
Having summarized the number of apartments offered in the housing estates of Riga, it can be concluded that the largest supply of apartments in November was in Purvciems, but the lowest apartment supply was in Bolderāja.
12.12.2018.