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Apartments in new housing projects, 2nd quarter of 2022

  • In the new housing projects market, activity decreased in the 2nd quarter of 2022 - compared to the 1st quarter of 2022, the number of transactions decreased by 12 %.


A decrease in the number of transactions was observed in the housing estates of Riga (- 18 %) but in the centre of Riga this number increased (+ 7 %).

 

Compared to the 2nd quarter of 2021, in the same period of this year the number of transactions was slightly higher in housing estates (+ 2 %). In turn, the number of transactions in the centre of Riga this year was 8 % lower than in the same period last year.

 

Looking at the number of transactions with apartments in new projects in Riga in the 2nd quarter of 2022, it can be concluded that the majority of transactions (35 %) took place in the price range from 50,000 to 100,000 euro.

 

In the 2nd quarter, a total of 30 transactions with apartments were registered in new projects in Riga, the price of which exceeded the minimum threshold for receiving a temporary residence permit (250,000 euro). This was 29 % less than in the same period of 2021, when 42 transactions were registered.

 

In total, there were around 345 apartment offers in new projects in Riga at the end of June (280 at the end of March 2022). The average price of an apartment offer was 2,363 EUR/m², which was 1 % higher than in April.

 

In the 2nd 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, as Ķīpsala and Klīversala, was 2,184 EUR/m².

 

Also in the 2nd quarter of 2022, several transactions were registered at a price below 1,000 EUR/m² (6 % of the total number), which is not a typical price for the centre of Riga.


17.08.2022.

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