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Standart type apartment market overview | OCTOBER

  • In October 2022, there were significant 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 2 %. The average price of standard-type apartments dropped to 926 EUR/m². However, compared to the beginning of 2022, apartment prices were 3 % higher in October.


Negative price fluctuations were observed in Riga's largest housing estates in October. In October, the price drop was similar to September. In several housing estates, apartment prices decreased by more than 4 % during the month. The price level of standard-type apartments also decreased in the surroundings of Riga.

 

Since the beginning of 2022, the prices of apartments in all major housing estates of Riga have increased. The biggest price increase since the beginning of the year in Riga housing estates was observed in Bolderāja and Teika (+ 7 %). Compared to the beginning of the year, the prices in housing estates such as Pļavnieki, Ķengarags and Imanta were the same.

 

Compared to the previous month, the supply of apartments in Riga decreased by 4 % in October. The number of apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE decreased by 6 %. Compared to October 2021, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 65 % higher, while the supply of apartments in the largest housing estates was 90 % 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 October was in Purvciems, while the lowest - in Bolderāja.

 

Last month, the number of apartments offered for sale decreased in almost all major housing estates of Riga. The number of apartments offered for sale decreased the most in Zolitūde (-18 %). The number of apartments offered for sale increased in October only in Bolderāja (+ 4 %) and Iļģuciems (+ 1 %).

 

In October, there were changes in the prices of standard-type apartments in the housing estates of Riga. Negative price fluctuations were observed in all the largest housing estates of Riga. The most significant drop in prices was found in Bolderāja, where they decreased by 4.7 % during the month. The decrease in apartment prices had the least impact on Zolitūde – prices there fell by 0.5 % during the month.


09.11.2022.

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