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In May 2019, the prices of standard-type apartments continued to grow in the housing estates of Riga: they grew by 0.3% during the month, reaching an average price of 810 EUR/m². Since early 2019, standard-type apartment prices have generally increased by 1.7 %.
In May 2019, the average price of standard-type apartments increased in almost all of Riga's largest housing estates, but the increase was no longer as significant as in April. Two-room apartment prices remained unchanged in May, while prices of bigger and smaller apartments tended to increase.
Housing prices continued to rise also in the vicinity of Riga. The biggest price increase in May was seen in Ogre (0.7%) and in Kauguri district, Jūrmala (0.9%). In the first quarter of 2019, the housing supply in Riga housing estates showed similar trends as in 2018, however, after a sharp drop in supply in April, a sharp increase followed. The supply was still lower than in May last year (- 6 %).
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 (+ 2.9%). 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 Ķengarags – the prices have increased by only 0.6% since the beginning of the year.
In May 2019, the average price of standard-type apartments increased slightly – to 810 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 May 2019, the total supply of apartments in Riga increased by 9% 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 12%. Compared to May 2018, the apartment supply in May 2019 was lesser: the total number of apartments offered for sale was by 12 % 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 May was in Purvciems, while the lowest apartment supply was in Bolderāja.
11.06.2019.