In May 2021, the prices of standard-type apartments in Riga's housing estates increased - they increased by 1.8 % during the month. The average price of standard-type apartments rose to 834 EUR / m². In 2021, the prices of standard-type apartments increased by 3.4 %.
In May 2021, an increase in the prices of standard-type apartments was observed in all the largest housing estates of Riga. This price increase has been the highest in recent years. The significant price increase was based on the still low level of supply, which is observed in all districts of Riga, as well as in the vicinity of Riga. Apartment prices also tended to increase in the vicinity of Riga, where the number of apartments is still growing rapidly. In the vicinity of Riga in May, prices increased the most in Jūrmala, Kauguri.
Following a decline in supply at the end of the first quarter of 2021, no significant increase in supply was observed in the second quarter. The total number of apartments offered for sale has remained unchanged over the past month.
In May 2021, the average price of standard-type apartments increased to 834 EUR/m². The prices on average were by 48 % 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 May, changes in apartment prices, measured by the number of rooms, were observed. The average price per square meter of standard-type apartments increased for one-room (+ 1.8 %), two-room (+ 2.4 %), three-room (+ 1.3 %) and four-room (+ 1.3 %) apartments.
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 May was in Purvciems, while the lowest - in Bolderāja.
Compared to the beginning of 2020, in May the prices of standard-type apartments were higher by 2 %. However, since the beginning of 2021, prices have increased by 3.4 %.