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Standart type apartment market overview | JULY

  • In July 2019, the prices of standard-type apartments continued to grow in the housing estates of Riga: they grew by 0.4% during the month, reaching an average price of 818 EUR/m² in July. Since early 2019, standard-type apartment prices have generally increased by 2.6 %.


In 2019, standard-type apartment prices continued to rise steadily. In July, the average price of standard-type apartments increased the most in Āgenskalns - it exceeded 900 EUR/m². As a result, Āgenskalns has become the second most expensive residential area after Teika in terms of apartment prices.

 

Apartment prices continued to increase in the vicinity of Riga as well - Ogre and Salaspils saw the highest rise in July, with prices rising by 0.7 % and 0.6 % respectively. In the first half of 2019 the supply of apartments in Riga housing estates both increased and decreased. In July the supply increased and approached the level of July 2018. The supply was still lower (-4 %) than a year ago.

 

The largest increase in the average price of one square meter of apartments in Riga housing estates since the beginning of 2019 was observed in Āgenskalns (+ 4 %). Prices in other major housing estates in Riga have also increased since the beginning of the year. The smallest changes in the first four months of the year were observed in Teika – the prices have increased by only 1 % since the beginning of the year.

 

In July 2019, the average price of standard-type apartments increased slightly achieving the level of 818 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 July 2019, the total supply of apartments in Riga decreased by 1 % compared to the previous month. But the number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE increased by 2.5 %. Compared to July 2018, the apartment supply in July 2019 was lesser: 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 4% 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 July was in Purvciems, while the lowest apartment supply was in Bolderāja.


06.08.2019.

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