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In May 2022, the prices of standard-type apartments in Riga's housing estates increased by 1.4 % over the month. The average price of standard-type apartments rose to 974 EUR/m². In the first five months of 2022, the prices of standard-type apartments increased by 8 %.
In the first quarter of 2022, the supply of apartments in the largest housing estates increased moderately, but in May there was a significant increase in the number of offers. This was the highest level of supply since August 2020.
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 (+ 14 %).
In May, changes in apartment prices were observed. The average price per square meter of standard-type apartments increased for one-room (+ 0.9 %), two-room (+ 0.5 %), three-room (+ 0.8 %) and four-room (+ 0.8 %) apartments.
Compared to the previous month, the supply of apartments in Riga increased by 16 % in May. The number of apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE increased by 22 %. Compared to May 2021, the supply of apartments was generally higher: the total number of apartments offered for sale was more than 19 % higher, while the supply of apartments in the largest housing estates was 36 % 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 May was in Purvciems, while the lowest - in Bolderāja.
Compared to the beginning of 2021, in May 2022 the prices of standard-type apartments were higher by 21 %. But since the beginning of 2022, prices have risen by 8 %.
14.06.2022.