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Standart type apartment market overview | AUGUST

  • In August 2022, there were minimal changes in the prices of standard-type apartments in the housing estates of Riga - during the month, the average price of standard-type apartments decreased by 0.6 % and fell to 967 EUR/m². However, compared to the beginning of 2022, apartment prices were 7 % higher in August.


For the fourth month in a row, the number of apartments offered for sale in the largest housing estates of Riga increased rapidly - in August it was 69 % higher than in the same period last year. In August, the number of apartments offered for sale exceeded 1,700 – the last time this amount was exceeded was in 2018. In Riga, in general, the supply level was much higher than a year ago (+46 %).

 

Since the beginning of 2022, apartment prices have increased in all major housing estates of Riga. The largest price increase since the beginning of the year has been observed in Vecmīlgrāvis and Bolderāja (+ 13 %).

 

Compared to July, the supply of apartments in Riga increased by 6 % in August. The number of apartments offered for sale in the largest housing estates analyzed by ARCO REAL ESTATE increased by 8 %. Compared to August 2021, the supply of apartments was generally higher: the total number of apartments offered for sale was higher by 46 %, while the supply of apartments in the largest housing estates was 69 % higher than a year ago.

 

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 August was in Purvciems, while the lowest - in Bolderāja.

 

Last month, the number of apartments offered for sale increased in almost all major housing estates of Riga. The number of apartments offered for sale increased the most in Zolitūde (+ 38 %). The number of apartments offered for sale decreased only in Iļģuciems (- 10 %).

 

Compared to the beginning of 2021, in August 2022 the prices of standard-type apartments were higher by 20 %. But since the beginning of 2022, prices have risen by 7 %.


14.09.2022.

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