Standart type apartment market overview | AUGUST

  • In August 2020, the prices of standard-type apartments in Riga's housing estates continued to decrease, with the average price decreasing by 0.3 % and falling to 807 EUR/m². In 2020, the prices of standard-type apartments have decreased by 1.5 %.


In July, the fall in prices was the largest this year, but in August it was less pronounced. In August, no price changes were observed in almost all housing districts of Riga. Prices remained stable mainly in Pārdaugava districts. The number of standard-type apartments offered for sale in the largest housing districts decreased by 6 % in August. It was also still significantly lower than last year. The total number of apartments offered for sale also decreased during the last month (-2 %).

 

Since the beginning of 2020, an increase in the average price per square metre of apartments in Riga's housing districts has remained in Bolderāja (+ 0.2 %), while in all other major housing estates of Riga, taking into account the decline of recent months, prices have generally decreased. The largest price decrease in Riga's housing estates since the beginning of the year has been observed in Pļavnieki (- 3,4 %).

 

In August 2020, the average price of standard-type apartments decreased to 807 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 August, the supply of apartments in Riga, compared to the previous month, decreased by 2 %. The number of offers in the largest districts of Riga analysed by ARCO REAL ESTATE decreased by 6 %. Compared to August 2019, the supply of apartments in the corresponding period of this year was generally lower: the total number of apartments offered for sale was by 14 % lesser than a year ago, but the supply of apartments in the largest housing districts was by 15 % lesser than a year ago.

 

In August 2020, changes were observed in the prices of standard-type apartments in the largest housing estates of Riga. In almost all housing estates, prices fell slightly. The largest drop in prices was observed in Jugla, where prices decreased by 0.9 % during the month. In turn, no price changes were observed in the largest districts of Pārdaugava.

 

In August 2020, the most expensive apartments still were apartments in the houses of the series 119 and 104, where the price of 2-room apartments in a satisfactory condition varied from 50 000 to 53 000 EUR depending on the location. In turn, the so-called Lithuanian design were the cheapest ones, where the price of 2-room apartments varied from 27 000 to 40 000 EUR, and the so-called Khrushchev-time houses, where the price of 2-room apartments varied from 25 000 to 40 000 EUR, depending on the housing.


08.09.2020.

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