In March 2019, the price of standard-type apartments in the housing estates of Riga increased - by 0.4% within a month. The average price of standard-type apartments in March increased to 802 EUR/m². Since early 2019, standard-type apartment prices have generally increased by 0.6 %.
In March 2019, the average price of standard-type apartments increased in most housing estates. The average price per square meter of standard-type apartments at the end of March was over EUR 800 / m². The most rapid rise in prices in the first quarter of 2019 occurred in March.
The prices of apartments in the vicinity of Riga also continued to increase - prices in Jelgava and Ogre increased the most in the first quarter; in these locations the price increase this year already exceeded 2%.
Housing supply in Riga housing estates at the beginning of 2019 had similar trends as in 2018 - supply was significantly higher in March. However, it was still significantly lower (-15%) than in March last year.
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 (+ 1.5%). Prices in other major housing estates in Riga have also increased since the beginning of the year. However, in one housing estate, namely, Ķengarags, no price fluctuations were observed during the first quarter of the year.
In March 2019, the price of all apartments increased slightly, according to the number of rooms. The average price per square meter of standard-type apartments increased for one-room (+ 0.3 %), two-room (+ 0.4 %), three-room (+ 0.8 %) and four-room (+ 0.1 %) apartments.
In March 2019, the total supply of apartments in Riga increased by 6% 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 11%. Compared to March 2018, the apartment supply was lesser: the total number of apartments offered for sale was by 15 % lower, but the number of apartments offered for sale in the largest housing estates was by 10% lower.
The highest prices for standard-type apartments in March remained in Teika, where the average price per square meter increased to 958 EUR / m². The lowest average price per square meter in March was in Bolderāja – 579 EUR/m².