In March 2021, the prices of standard-type apartments in Riga's housing estates increased slightly - they increased by 0.5 % during the month. The average price of standard-type apartments rose to 817 EUR/ m². In 2021, the prices of standard-type apartments have increased by 1.5 % in overall.
In March 2021, an increase in the prices of standard-type apartments was observed in all the largest housing estates of Riga. The rise in prices was due to insufficient supply, which is typical at the end of the year. Apartment prices also tended to increase in the vicinity of Riga - prices increased the most in Salaspils.
After the sharp decrease in supply observed at the end of 2020, no increase in supply was observed in the first quarter of 2021. On the contrary, the number of standard-type apartments offered for sale in the largest housing estates decreased even more in March (- 6 %). On the other hand, the total number of apartments offered for sale has increased significantly over the last month – by 15 %.
In March 2021, the average price of standard-type apartments increased to 817 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 March, the supply of apartments in Riga increased by 15 % compared to the previous month. The number of apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE decreased by 6 %. Compared to March 2020, the supply of apartments was generally lower: the total number of apartments offered for sale was 6 % lower than a year ago, but the supply of apartments in the largest housing estates was 30 % lower than a year ago.
Having summarized the number of apartments offered for sale in the housing estates of Riga, it can be concluded that the largest supply of apartments in March was in Purvciems, while the lowest - in Bolderāja.