In May 2020, the prices of standard-type apartments in Riga's housing districts decreased slightly, with the average price decreasing by 0.1 % and falling to 817 EUR/m². In 2020, the prices of standard-type apartments have decreased by 0.2 %.
For the third 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 neighbourhoods of Riga, as well as in the vicinity of Riga, prices remained unchanged.
The largest drop in prices in May was observed in two of the most expensive districts - Teika and Imanta. After the sharp decline in the supply level of apartments in the largest housing districts of Riga observed in April 2020, it increased again in May. The total number of apartments offered also increased significantly during the last month - by 13 %. The most significant increase in supply was observed in the central part of Riga, where it increased by 23 %.
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 Imanta (- 1,3 %).
In May 2020, the average price of standard-type apartments decreased to 817 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 May, the supply of apartments in Riga increased by 13 % compared to the previous month. The number of apartments offered for sale in the largest districts of Riga analysed by ARCO REAL ESTATE increased by 10 %. Compared to May 2019, the supply of apartments was generally lower: the total number of apartments offered was by 20% lower, and the supply of apartments in the largest housing districts was also by 18 % lower than a year ago.
Last month, the number of apartments offered for sale increased in the largest housing districts of Riga. The number of offers increased the most in Bolderāja, where it doubled in May. The number of offers decreased only in Imanta (-9 %) and Vecmīlgrāvis (- 4 %).