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Apartments in new housing projects, 1st quarter of 2022

  • In the new housing projects market, activity decreased slightly in the 1st quarter of 2022 - compared to the 4th quarter of 2021, the number of transactions decreased by 10 %.


A decrease in the number of transactions was observed both in the housing estates of Riga (-3 %) and in the centre of Riga (-26 %).

 

Looking at the number of transactions with apartments in new projects in Riga in the 1st quarter of 2022, it can be concluded that the majority of transactions (41 %) took place in the price range from 50,000 to 100,000 euro.

 

At the end of April, there were about 280 apartments offered for sale in new housing projects in Riga. The average price of an apartment offer was 2,348 EUR/m², which was 10 % higher than at the beginning of the year.

 

In the 1st quarter of 2022, the average price of apartment transactions in new projects in Riga's housing estates was 1,618 EUR/m². Thus, at the beginning of 2022, apartment prices were 1 % higher than at the end of 2021.

 

In the 1st quarter of 2022, the average transaction price in new housing projects in the centre of Riga, as well as in such areas close to the city centre, such as Ķīpsala and Klīversala, was 2,166 EUR/m². The average price was 2 % lower than in the 4th quarter of 2021. In turn, compared to the 1st quarter of 2021, the average price of apartments in new projects in the centre of Riga was 9 % higher.

 

In April 2022, there were about 110 new project apartments offered for sale in the centre of Riga and in areas close to the city centre, such as Ķīpsala and Klīversala. Compared to the beginning of 2022, the volume of supply has increased by 13 %.

 

%. In April, the lowest number of apartments offered for sale was in Old Riga. The level of supply in Ķīpsala was also low, but it has been increasing since the beginning of the year.


23.05.2022.

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