In December 2020, the prices of standard-type apartments in Riga's housing districts increased slightly - they increased by 0.1 % during the month. The average price of standard-type apartments increased to 807 EUR/m², but in general in 2020 the prices of standard-type apartments decreased by 1.5 %.
In 2020, a decline in the prices of standard-type apartments was mostly observed, but at the end of the year there were small positive price fluctuations. These were most likely caused by insufficient supply, and as a result, apartment prices increased in many parts of Riga's largest housing districts.
After a sharp increase in supply in mid-2020, a sharp decline in supply was observed in the second half of the year. The number of standard-type apartments offered for sale in the largest housing estates decreased significantly in December ( - 17 %), as is typical for the end of the year. The total number of apartments offered for sale also decreased during the last month (-18 %).
In December, the average price of standard-type apartments increased 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 December 2020, there were small changes in apartment prices in terms of the number of rooms. The average price per square meter of standard-type apartments increased for one-room (+ 0.1 %), two-room (+ 0.1 %) and three-room (+ 0.1 %) apartments, while no changes were observed in the prices of four-room apartments.
Having summarized the number of apartments offered for sale in the housing estates of Riga, it can be concluded that the largest supply of apartments in December was in Purvciems, while the lowest - in Bolderāja.
Last month, the apartment supply decreased in all major housing districts of Riga. The supply decreased the most in Mežciems - by 28 %. The supply changed the least in Bolderāja in December (- 4 %).