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In September 2020, the prices of standard-type apartments in Riga's housing estates continued to decrease, with the average price decreasing by 0.2 % and falling to 805 EUR/m². In 2020, the prices of standard-type apartments decreased by 1.7 %.
For the seventh month in a row, the prices of standard-type apartments continued to fall. In July, the fall in prices was the largest this year, but in August and September it was no longer so pronounced. In September, no price changes were observed in almost all housing estates of Riga. The number of standard-type apartments offered for sale in the largest housing districts decreased by 8 % in September. It was also still significantly lower than last year. The total number of apartments offered for sale also decreased during the last month (-3 %).
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
(-3,8 %).
In September 2020, the average price of standard-type apartments decreased to 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 September, the supply of apartments in Riga, compared to the previous month, decreased by 3 %. The number of offers in the largest districts of Riga analysed by ARCO REAL ESTATE decreased by 8 %. 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 18 % lower than a year ago, but the supply of apartments in the largest housing districts was by 22 % 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 Ķengarags where it decreased by 19 %. The number of apartments offered for sale increased the most in Bolderāja in September (+ 16 %).
When analysing the supply in proportion to the size of the housing estate, i.e., by population, , the largest supply in September was found in Mežciems, while in Ķengarags the supply was proportionally the lowest.
12.10.2020.