In February 2021, the prices of standard-type apartments in Riga's housing estates increased slightly - they increased by 0.8 % during the month. The average price of standard-type apartments rose to 813 EUR/ m². In 2021, the prices of standard-type apartments have increased by 0.8 % in overall.
In all major housing estates of Riga, in February 2021, an increase in the prices of standard-type apartments was observed. The increase in prices was due to insufficient supply and the lack of supply of cheap apartments. Apartment prices also tended to increase in the vicinity of Riga - prices increased the most in Ogre.
After a sharp decline in supply at the end of 2020, no significant increase in supply was observed at the beginning of 2021. The number of standard-type apartments offered for sale in the largest housing estates remained unchanged in February. On the other hand, the total number of apartments offered for sale has increased significantly over the last month - by 17 %.
In February 2021, the average price of standard-type apartments increased to 813 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 February, the supply of apartments in Riga increased by 17 % compared to the previous month. The supply in the largest housing estates of Riga analyzed by ARCO REAL ESTATE remained unchanged. Compared to February 2020, the supply of apartments in the corresponding period of this year was generally lower: the total number of apartments was 23 % lower than a year ago, but the supply of apartments in the largest residential districts was 29 % lower than a year ago.
Last month, the supply of apartments in the largest housing estates of Riga both increased and decreased. The supply increased the most in Teika - by 23 %. The supply decreased the most during the month in Jugla (- 20 %).
When analyzing the supply of apartments in proportion to the size of the housing estate, i.e., by population, the largest supply in February was found in Āgenskalns, while in Bolderāja the supply was proportionally the lowest.