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In December 2019, standard-type apartment prices in Riga housing estates did not change, with the average price remaining at 819 EUR/m². In 2019, the prices of standard-type apartments increased by 2.8 % overall.
It has to be concluded that the prices of standard-type apartments have stagnated, as no significant price changes have been observed for the fifth consecutive month, and no price fluctuations have been observed in most of the housing estates of Riga. In some housing estates, prices have risen slightly over the past month. But in Vecmīlgrāvis, for the second month in a row, apartment prices tended to decline.
At the end of 2019, the supply of apartments in Riga's housing estates fell sharply and fell to a lower level than at the end of the previous year. At the end of the year, the largest housing estates in Riga had just over 1,000 apartments in the supply.
During 2019, the largest increase in the average price per square meter of apartments in Riga housing estates was observed in Āgenskalns, Zolitūde, Mežciems and Pļavnieki (+ 4 %). Prices in other major housing estates of Riga have also increased since the beginning of the year. The smallest changes this year have been observed in Teika and Imanta, where prices have increased by only 1 % since the beginning of the year.
In December 2019, the average price of a standard type apartment remained unchanged at 819 EUR/m². The prices on average were by 50 % 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 2019, the supply of apartments in Riga decreased by 26% compared to the previous month. The number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased similarly - by 26 %. Compared to December 2018, the supply of apartments in December 2019 was generally lower: the total number of apartments offered in the previous month was by 25 % lower, while the supply of apartments in the largest housing estates was by 19 % lower than a year ago.
Having summarized the number of apartments offered in the housing estates of Riga, it can be concluded that the largest supply of apartments in December was in Purvciems, while the lowest apartment supply was in Bolderāja.
Last month, the number of apartments offered for sale in all major housing estates in Riga decreased. The largest decrease was observed in Vecmīlgrāvis, where the supply decreased by 38 %. In December, when analyzing the supply in proportion to the size of the housing estate, namely, by population, the largest supply was found in Āgenskalns. In Bolderāja, by contrast, the supply was proportionally the lowest.
09.01.2020.