In the first half of 2022, the activity in the land market for the construction of private houses decreased. A significant increase in the number of transactions was observed in the previous two years (in 2021, the number of transactions increased by 28 %).
Compared to the 2nd half of 2021, the number of transactions was 3 % less, while compared to the 1st half – 39 % less. Meanwhile, a price increase has been observed for the prices of land for the construction of private houses in Riga and the surroundings of Riga - the average price of transactions in Riga increased by 1 %, and in the surroundings of Riga by 8 %.
The most popular districts of private houses in Riga in terms of the number of transactions were Trīsciems (18 transactions) and Juglasciems (11). The number of transactions registered in the other districts of private houses in Riga was less than ten.
According to the transactions that took place in the private house construction districts of Riga, the most expensive private house construction land according to the average transaction price in the first half of 2022 was in Vecāķi. High prices for land plots were also on offer in such neighbourhoods as Mežaparks, Teika and Berģi. However, in 2022, no market-level transactions were identified in these neighbourhoods.
In 2022, the largest transaction of land for the construction of private houses took place in Imanta for 197 EUR/m². In the most expensive district of private houses in Riga - Mežaparks - no transactions were registered in the first half of 2022. At the same time, in the middle of 2022, plots of land in Mežaparks were on offer for a price of up to 230 EUR/m².
The cheapest plots of land, both in terms of offer and transaction prices, were in Trīsciems. The average price of transactions there was 21 EUR/m², but several transactions took place in the range of 10 - 15 EUR/m².
In 2022, the majority of transactions (63 %) in the vicinity of Riga took place at a price of up to 15 EUR/m². The number of transactions in the vicinity of Riga increased for those plots whose price was 30 - 35 EUR/m². They were mostly deals with construction plots in Mārupe, Ādaži and Ropaži municipalities.
The most expensive building land for the construction of individual houses was in Mārupe municipality, where the average transaction price was 28 EUR/m². Compared to 2021, the average price of transactions in Mārupe municipality increased by 27 % in the first half of this year.