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Standart type apartment market overview | JUNE

  • In June 2022, the prices of standard-type apartments in Riga housing estates did not change - only small fluctuations were observed during the month. The average price of standard-type apartments remained at 974 EUR/m². In the first half of 2022, standard-type apartment prices increased by a total of 8 %.


In June 2022, the price increase of standard-type apartments stopped in Riga's largest housing estates. Most likely, the reason was the significant increase in the supply of standard-type apartments. In many places, prices remained unchanged, but in certain housing estates there were negative price fluctuations, which were not observed in recent years. Also, the increase in apartment prices in the vicinity of Riga was not as pronounced as before. Prices continued to increase slightly in many places.

 

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 %).

 

In June, changes in apartment prices were observed. The average price per square meter of standard-type apartments increased for three-room apartments (+ 0.1 %). The average price for the other apartments did not change.

 

Compared to the previous month, the supply of apartments in Riga increased by 6 % in June. The number of apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE increased by 12 %. Compared to June 2021, the supply of apartments was generally higher: the total number of apartments offered for sale was more than 36 % higher, while the supply of apartments in the largest housing estates was 60 % 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 June 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 (+ 28 %), but decreased only in Vecmīlgrāvis (- 4 %).


13.07.2022.

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