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In the market of new housing projects in 2023, the activity decreased significantly in the 1st quarter. Compared to the 4th quarter of 2022, the number of transactions was 36 % lower.
A decrease in the number of transactions was found both in the housing estates of Riga (- 43 %) and in the centre of Riga (- 12 %). Compared to the 1st quarter of 2022, the number of transactions in housing estates was significantly lower (- 40 %) in this period this year.
Looking at the number of transactions with apartments in new projects in Riga in the 1st quarter, it can be concluded that most transactions (57 %) took place in the price range from 50,000 to 150,000 euro. They were mainly two-room apartments in the housing estates of Riga and also in the centre of Riga with an average area of 61 m².
In total, there were around 490 apartments offered for sale in new projects in Riga at the end of March (415 at the beginning of the year). The average price of apartment offers was 2,296 EUR/ m2, which was 1 % lower than at the beginning of the year. At the end of March, the average price of apartment offers in the housing estates of Riga was 2,077 EUR/m2, while the average price in the city centre reached 2,879 EUR/m2.
In the 1st quarter, a drop in activity was observed in the apartment market of new projects in the housing estates of Riga - the number of transactions was 43 % less than in the 4th quarter of 2022. On the other hand, compared to the 1st quarter of 2022, the number of apartment transactions in the 1st quarter of this year was 40 % lower. The number of transactions in the 1st quarter was the lowest in the last three years.
In the centre of Riga, as well as in districts close to the centre, such as Ķīpsala and Klīversala, the average price of new project transactions in the 1st quarter of 2023 was 2,125 EUR/m². The average price was 9 % lower than in Q4 2022. On the other hand, compared to the 1st quarter of 2022, the average price of apartments in new projects in the centre of Riga was 2 % lower.
In the 1st quarter, 143 transactions took place in new projects in the centre of Riga. Compared to the 4th quarter of 2022, the number of transactions was 12 % lower, while compared to the 1st quarter of last year, the number of transactions was 23 % lower.
11.05.2023.