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In January 2020, the prices of standard-type apartments in Riga housing estates increased, with the average price reaching 822 EUR/m². In 2020, standard-type apartment prices increased by 0.4 %.
After the stagnation observed at the end of last year, standard-type apartment prices started to increase again, and positive price changes at the beginning of the year were observed in almost all major housing estates of Riga.
At the end of 2019 the supply of apartments in Riga housing estates decreased sharply and was lower than a year earlier. In January 2020, however, the supply increased sharply, exceeding the number of offers observed in the corresponding period of the previous year.
Since the beginning of 2019, the largest increase in the average price per square meter of apartments in Riga housing estates was observed in Zolitūde (+ 5 %). Prices in other major housing estates of Riga have also increased since the beginning of the year. The smallest changes since the beginning of the previous year have been observed in Teika and Imanta, where prices increased by only 1 %.
In January 2020, the average price of a standard type apartment increased to 822 EUR/m². The prices on average were by 49 % 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 January 2020, apartment prices in terms of number of rooms changed for one-room, two-room, three-room and four-room apartments. Average price per square meter for standard type one-room apartments increased by 0.2 %, for two-room apartments - by 0.1%, for three-room apartments - by 0.4 %, but for four-room apartments - by 0.8 %.
In January 2020, the supply of apartments in Riga increased by 33 % compared to the previous month. The number of offers in the largest housing estates of Riga analyzed by “ARCO REAL ESTATE” increased by 31 %. Compared to January 2019, the overall supply of apartments in January this year was higher: the total number of apartments offered was by 3 % higher, while the supply of apartments in the largest housing estates was by 8 % higher.
Having summarized the number of apartments offered in the housing estates of Riga, it can be concluded that the largest supply of apartments in January was in Purvciems, while the lowest apartment supply was in Bolderāja.
Last month, the number of apartments offered for sale increased in all major housing estates in Riga. The supply increased the most in Bolderāja (+ 68 %). In January, when analyzing the supply in proportion to the size of the housing estate, i. e., by population, the highest supply was found in Mežciems, while in Bolderāja the supply was proportionally the smallest.
In January 2020, the prices of standard-type apartments in the largest housing estates of Riga changed. Prices in most housing estates in Riga increased. The largest price increase was observed in Iļģuciems and Jugla, where prices increased by 0.6 % during the month. In Teika and Mežciems, apartment prices did not change.
In February 2020, the standard-type apartment prices, compared with the beginning of 2019, were by 3 % higher. In turn, since the beginning of 2020, the prices have increased by 0,4 %.
The highest prices for standard-type apartments in January 2020 were in Teika, where the average price per square meter remained at 966 EUR/m². The lowest average price per square meter in January was found in Bolderāja – 585 EUR/m².
In January 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 45 000 to 54 000 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 41 000 EUR, and the so-called Khrushchev-time houses, where the price of 2-room apartments varied from 25 000 to 41 000 EUR, depending on the housing estate.
Apartment market in the vicinity of Riga
Ogre
In January 2020, the prices of standard apartments in Ogre remained unchanged. The average price of apartments was 644 EUR/m². In 2019, overall apartment prices in Ogre increased by 7 %.
Kauguri, Jūrmala
In Kauguri, in January 2020, standard-type apartment prices increased by 1 %. The average price of one square meter of apartments is 616 EUR/m². Since the beginning of 2019 apartment prices in Kauguri have increased by 8 % overall.
Salaspils
In January 2020, apartment prices in Salaspils increased by 0.2 %, reaching an average price of 692 EUR/m². Since the beginning of 2019, standard-type apartment prices in Salaspils have increased by 6% overall.
Jelgava
In January 2020, apartment prices in Jelgava remained unchanged. The average price of a standard type apartment in January remained to be 525 EUR/m². Since the beginning of 2019, prices of standard-type apartments in Jelgava have increased by 4 %.
18.02.2020.