In November 2020, the prices of standard-type apartments in Riga's housing districts increased slightly - they increased by 0.2 % during the month. The average price of standard-type apartments increased to 806 EUR / m², but in general in 2020 the prices of standard-type apartments decreased by 1.6 %.
The decline in the prices of standard-type apartments, which continued for seven months in a row, stopped in October, but in November small positive price fluctuations were observed - in most of the largest housing districts of Riga the price level increased slightly. The supply was also still significantly lower than last year, and the supply of relatively cheap apartments fell to a minimum. Following the sharpest increase in supply in July 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 districts decreased by another 5 % in November. The total number of apartments offered for sale also decreased during the last month (-7 %).
Since the beginning of 2020, prices in all major districts of Riga, taking into account the decline in prices in recent months, have generally decreased. The largest price decrease in Riga's housing estates since the beginning of the year has been observed in Pļavnieki and Imanta (- 3,2 %).
In November, the average price of standard-type apartments increased to 806 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 November, the supply of apartments in Riga, compared to the previous month, decreased by 7 %. The supply in the largest districts of Riga analysed by ARCO REAL ESTATE decreased by 5 %. Compared to November 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 19 % lower than a year ago, but the supply of apartments in the largest housing districts was by 21 % lower than a year ago.
Last month, the number of apartments offered for sale in the largest housing districts of Riga mostly increased or remained unchanged. The number of apartments offered for sale increased the most in Teika, where it increased by 12 %. In turn, the number of apartments offered for sale decreased the most in Pļavnieki in November (- 19 %).