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In the first half of 2022, the activity in the private house market in Riga and its surroundings decreased: compared to the second half of 2021, the total number of private house transactions decreased by 21 % (in 2021, the number of transactions increased by 13 %).
In Riga, private house prices increased - in the first half of the year, transaction prices increased by an average of 7 %. The prices of private houses in the vicinity of Riga also showed an upward trend. In the first half of the year, the prices of private houses in the vicinity of Riga increased by an average of 20 %.
According to the data of the Central Statistical Office, the construction costs of residential buildings continued to increase in 2022 as well. Compared to Q1 2021, construction costs increased by 18 % during this period this year.
In the 1st half of 2022, changes were observed in the Riga private house market: compared to the 2nd half of 2021, the number of transactions decreased by 5 %, while compared to the 1st half of last year, the number of transactions was 14 % lower. Meanwhile, private house prices rose in the first half of 2022. In the first half of this year, private house prices in Riga increased by an average of 7 %.
34% of private house transactions in Riga still took place within the price range of up to 50,000 EUR - in this price category, a large share was made up of small private houses and garden houses in Dārziņi. The majority of transactions (85 %) with private houses in Riga took place in the price range of up to 225,000 EUR. For larger amounts, the number of transactions was significantly lower.
The most popular private house districts in Riga in terms of the number of transactions in the first half of 2022 were Dārziņi (24), Šampēteris – Pleskodāle (21), Ziepniekkalns (16) and Bieriņi (15). 39 % of the total number of transactions took place in these districts. In other areas of Riga, there were less than 15 transactions during the year.
In the first half of 2022, the number of private house transactions decreased in general. Compared to 2021, the number of transactions decreased in all municipalities around Riga, except Salaspils municipality.
23.08.2022.