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Standart type apartment market overview | NOVEMBER

  • In November 2022, changes were detected in the prices of standard-type apartments in Riga’s housing estates - during the month, the average price of standard-type apartments decreased by 0.8 %. The average price of standard-type apartments dropped to 918 EUR/m². However, compared to the beginning of 2022, apartment prices were 2 % higher in November.


Negative price fluctuations were observed in Riga's largest housing estates in November. In November, the price drop was smaller than in previous months. Apartment prices in certain housing estates remained stable during the month. On the other hand, the price level of standard-type apartments in the surroundings of Riga decreased.

 

For the most part, prices for apartments in the largest housing estates of Riga were still higher than at the beginning of 2022. The biggest price increase since the beginning of the year in Riga’s housing estates was observed in Teika (+ 7 %). Compared to the beginning of the year, prices in certain housing estates, such as Ķengarags and Imanta, have decreased slightly.

 

Compared to the previous month, the supply of apartments in Riga decreased by 4 % in November. The number of apartments offered for sale in the largest housing estates of Riga analyzed by ARCO REAL ESTATE also decreased by 4 %. Compared to November 2021, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 53 % higher, while the supply of apartments in the largest housing estates was 73 % 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 November was in Purvciems, while the lowest - in Bolderāja.

 

Last month, the number of apartments offered for sale in the largest housing estates of Riga mostly decreased. The number of apartments offered for sale decreased the most in Bolderāja (- 13 %). The number of apartments offered for sale increased the most in Ziepniekkalns in November (+ 12 %).

 

Compared to the beginning of 2021, in November 2022 the prices of standard-type apartments were higher by 14 %. But since the beginning of 2022, prices have risen by 2 %.


07.12.2022.

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