Standart type apartment market overview | OCTOBER

  • In October 2020, the prices of standard-type apartments in Riga's housing districts did not change, with the average price remaining at 805 EUR/m². In 2020, the prices of standard-type apartments decreased by 1.7 %.


The decline in the prices of standard-type apartments, which continued for seven months in a row, stopped. In October, only small fluctuations in apartment prices were observed in some districts. Last month, even a small increase in prices was observed in Iļģuciems. Following the sharpest increase in supply in July 2020, a sharp decline in supply has been observed in the last three months. The number of standard-type apartments offered for sale in the largest housing districts decreased by another 1 % in October. It was also still significantly lower than last year. The total number of apartments offered for sale also decreased during the last month (-2 %).

 

Since the beginning of 2020, an increase in the average price per square metre of apartments in Riga's housing districts has remained in Bolderāja (+ 0.2 %), while in all other major housing estates of Riga, taking into account the decline of recent months, prices have generally decreased. The largest price decrease in Riga's housing estates since the beginning of the year has been observed in Pļavnieki (- 3,9 %).

 

In October, the average price of standard-type apartments remained at 805 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 October, the supply of apartments in Riga, compared to the previous month, decreased by 2 %. The supply in the largest districts of Riga analysed by ARCO REAL ESTATE decreased by 1 %. Compared to September 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 17 % lower than a year ago, but the supply of apartments in the largest housing districts was by 19 % lower than a year ago.

 

Last month, the number of apartments offered for sale in the largest districts of Riga mostly decreased. The number of apartments offered for sale decreased the most in Bolderāja, where it decreased by 31 %. The number of apartments offered for sale increased the most in Ķengarags in October (+ 22 %).

 

When analysing the supply in proportion to the size of the housing estate, i.e., by population, the largest supply in October was found in Mežciems, while in Bolderāja the supply was proportionally the lowest.


10.11.2020.

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