In February 2022, the prices of standard-type apartments in Riga's housing estates increased - they increased by 1.8 % during the month. The average price of standard-type apartments rose to 920 EUR/m². In 2022, the prices of standard-type apartments have increased by 4 % in total.
In February 2022, the prices of standard-type apartments continued to increase in all major housing estates of Riga. Although supply reached its highest level since the beginning of 2021, prices increased in all major housing estates. Prices also continued to rise due to the insufficient supply of apartments also in the vicinity of Riga. In Ogre, Jelgava and Jūrmala (Kauguri) the price increase was even faster this year than in Riga.
In February 2022, changes in apartment prices were observed. The average price per square meter of standard-type apartments increased for one-room (+ 2 %), two-room (+ 1.4 %), three-room (+ 1.9 %) and four-room (+ 1.7 %) apartments.
In February, the supply of apartments in Riga increased by 9 % compared to the previous month. The apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE increased by 13 %. Compared to February 2021, the supply of apartments was generally lower: the total number of apartments offered for sale was 1 % lower, while the supply of apartments in the largest housing estates was 1% lower than a year ago.
Last month, the number of apartments offered for sale in the largest housing estates of Riga mostly increased. The number of apartments offered for sale increased the most in Mežciems (+ 69 %). Meanwhile, the number of apartments offered for sale decreased slightly in Ķengarags during the month (- 5 %).
Compared to the beginning of 2021, in February 2022 the prices of standard-type apartments were higher by 16 %. However, since the beginning of 2022, prices have risen by 4 %.