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In April 2020, the prices of standard-type apartments in Riga's housing districts decreased slightly, with the average price decreasing by 0.2 % and falling to 818 EUR/m². In 2020, the prices of standard-type apartments have decreased by 0.1 %.
For the second month in a row, the prices of standard-type apartments decreased. The fall in prices was not large - on average about 0.2 % per month. In some of the largest districts of Riga, negative price fluctuations were also observed in previous months. In several major neighborhoods of Riga, as well as in the vicinity of Riga, prices remained unchanged.
At the beginning of 2020, the supply of apartments increased sharply, but in March and April it fell below last year's level. The total number of apartment offers also decreased significantly during the last month - by 20 %. The most significant drop in supply was observed in the central part of Riga, where it decreased by 27 %.
Since the beginning of 2020, the largest increase in the average price per square meter of apartments in Riga's housing districts has been observed in Zolitūde (+ 0.7 %). In other major districts of Riga, prices have both increased and decreased since the beginning of the year. The largest price decrease since the beginning of the year in Riga's housing districts was observed in Teika (- 0.9 %).
In April, the supply of apartments in Riga, compared to the previous month, decreased by 20 %. The supply in the largest districts of Riga analyzed by ARCO REAL ESTATE decreased by 14 %. Compared to April 2019, the supply of apartments was generally lower: the total apartment supply was by 23 % lower, and the supply of apartments in the largest housing districts was also by 17 % lower than a year ago.
Last month, the number of apartments offered for sale in the largest districts of Riga decreased. The number of of apartments offered for sale has decreased the most in Bolderāja (- 44 %). The number of of apartments offered for sale increased only in Imanta (+ 2 %). In Zolitūde, on the other hand, the number of of apartments offered for sale remained unchanged during the last month.
In April, when analyzing the supply in proportion to the size of the housing estate, i.e., by population, the largest supply was found in Mežciems and Āgenskalns, while in Bolderāla the supply was proportionally the smallest.
In April, changes in the prices of standard-type apartments were observed in the largest housing districts of Riga. In most of the districts, prices decreased slightly - the largest price decrease was observed in Teika, where prices decreased by 0.9 % during the month. However, in several districts no price changes were observed in April.
08.05.2020.