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Standart type apartment market overview | JUNE

  • In June 2020, the prices of standard-type apartments in Riga's housing districts decreased slightly, with the average price decreasing by 0.3 % and falling to 817 EUR/m². In 2020, the prices of standard-type apartments have decreased by 0.5 %.


For the fourth 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.

 

The largest fall in prices in June was observed in two of the most expensive districts - Pļavnieki and Mežciems. After the sharp decline in the supply level of apartments in the largest residential districts of Riga observed in April 2020, it increased again in May and June, but it was still lower than last year. The total number of apartments offered for sale remained unchanged over the past month. The most significant decrease in supply was observed in the central part of Riga, where it decreased by 7 % in June.

 

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 %). There were also positive price changes in Jugla and Bolderāja this year. However, in most of Riga's largest housng districts, prices have been declining since the beginning of the year. The largest price decrease since the beginning of the year in Riga's housing districts was observed in Imanta (- 1.8 %).

 

In June, the supply of apartments in Riga, compared to the previous month, remained unchanged. The number of apartments offered for sale in the largest districts of Riga analysed by ARCO REAL ESTATE increased by 2 %. Compared to June 2019, the supply of apartments was generally lower: the total number of apartments offered was by 16 % lower, and the supply of apartments in the largest housing districts was also by 12 % lower than a year ago.

 

Last month, the number of apartments offered for sale in the largest residential districts of Riga both increased and decreased. The number of apartments offered for sale increased the most in Pļavnieki where it is increased by 27 %. The number of apartments offered decreased the most in Bolderāja (- 22 %).

 

When analysing 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 Bolderāja the supply was proportionally the smallest.


10.07.2020.

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