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In October 2019, the prices of standard-type apartments in Riga housing estates did not change - the average price of a standard type apartment remained to be unchanged (818 EUR/m²). Since early 2019, standard-type apartment prices have generally increased by 2.7 %.
For the third consecutive month, the average price of standard-type apartments remained unchanged. During the last five years, such stable situation has not been observed in the market of standard-type apartments. At the same time, negative price changes were observed in two housing estates in October: prices decreased by 0.2 % in Āgenskalns and by 0.3% in Imanta. Positive price changes have also been observed in several other housing estates. In the other housing estates of Riga any price fluctuations were still not observed.
In the second half of 2019, the supply of apartments in Riga housing estates increased and decreased simultaneously. Similarly to the last year, in October this year the supply tended to decrease, but this time this trend was 2 % higher than a year ago, i.e., in October 2018.
The largest increase in the average price per square meter in Riga housing estates since the beginning of 2019 has been observed in Āgenskalns and Zolitūde (+ 4 %). Prices in other major housing estates of Riga have also increased since the beginning of the year. The smallest change in the first three quarters of the year occurred in Teika and Imanta, where prices increased by only 1 % since the beginning of the year.
In October 2019, the average price of a standard type apartment remained unchanged at 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 October 2019, if evaluating according to the number of rooms, the price of one-room, three-room and four-room apartments changed slightly. Average price per square meter for standard-type apartments decreased for one-room apartments (- 0.1 %), while for three-room and four-room apartments increased (+ 0.1 %).
In October 2019, the supply of apartments in Riga decreased by 3 % compared to the previous month. The number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE decreased even more - by 4 %. Compared to October 2018, the total number of apartments offered for sale was by 2 % lower, but the number of apartments offered for sale in the largest housing estates was by 2 % higher than a year ago.
15.11.2019.