In January 2021, the prices of standard-type apartments in Riga's housing districts did not change, however, small price fluctuations took place in most of the housing districts. The average price of standard-type apartments remained at 807 EUR/m². It should be mentioned that last year the prices of standard-type apartments decreased generally by 1.5 %.
Although a decline in the prices of standard-type apartments was observed in 2020, there were small positive price fluctuations at the turn of the year. They were most likely caused by insufficient supply, and as a result, apartment prices increased in many parts of Riga's largest housing districts.
After a sharp decline in supply at the end of 2020, a moderate increase in supply was observed at the beginning of 2021. The number of standard-type apartments offered for sale in the largest housing districts increased slightly in January (7 %), while the total number of apartments offered for sale remained unchanged during the last month.
In January 2021, small changes in apartment prices were observed in terms of the number of rooms. The average price per square meter of standard-type apartments increased for one-room (+ 0.1 %) and four-room (+ 0.1 %) apartments. Meanwhile, no changes were observed in the prices of two-room and three-room apartments.
In January 2021, the supply of apartments in Riga, compared to the previous month, remained broadly unchanged. The number of apartments offered for sale in the largest housing districts of Riga analyzed by ARCO REAL ESTATE increased by 7 %. Compared to January 2020, the supply of apartments in the corresponding period of this year was generally lower: the total number of apartments was 32% lower than a year ago, but the supply of apartments in the largest residential districts was 27% lower than a year ago.
Last month, the number of apartments offered for sale increased in all major housing districts of Riga. The number of apartments offered for sale increased the most in Āgenskalns - by 28 %. The number of apartments offered for sale decreased the most in Ilguciems during the month (- 25 %).