In April 2023, changes were detected in the prices of standard-type apartments in Riga housing estates - during the month, the average price of standard-type apartments increased by 0.2 %. The average price of standard-type apartments rose to 911 EUR/m². In the first months of 2023, apartment prices in general have decreased by 0.6 %.
In April, mainly positive price fluctuations were observed in the largest housing estates of Riga. Apartment prices remained stable in many places in April. The previous decline in apartment prices, which continued since the middle of last year, stopped, however, negative price changes could still be observed in some housing estates in April.
In April, changes were found in apartment prices. The average price per square meter of standard-type apartments increased for one-room (+0.2 %), two-room (+0.1 %), three-room (+0.1 %) and four-room (+0.1 %) apartments.
Compared to the previous month, the supply of apartments in Riga increased by 11 % in April. The supply in the largest housing estates of Riga analysed by ARCO REAL ESTATE increased by 14 %. Compared to April 2022, the supply of apartments was generally higher: the total number of apartments offered for sale was 50 % higher, while the number of apartments offered for sale in the largest housing estates was 66 % higher than a year ago.
Summarizing the number of apartments offered for sale in Riga housing estates, it can be concluded that the largest supply in April was in Purvciems and Ķengarags, while the smallest was in Bolderāja.
Last month, the supply of apartments increased in almost all major housing estates of Riga. The supply increased the most in Ziepniekkalns (+ 36 %). The supply in certain housing estates also had negative trends - in April it decreased in Iļģuciems (-1 %) and Mežciems (- 10 %).
When analysing the supply of apartments in proportion to the size of the housing estate, i.e., by population, the largest supply in March was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Bolderāja.
Compared to the beginning of 2023, in April, serial apartment prices were 0.6 % lower. On the other hand, compared to the beginning of 2022, prices have become 1 % higher.