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Standart type apartment market overview | MARCH

  • In March 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 decreased by 0.2 %. The average price of standard-type apartments dropped to 909 EUR/m². In the first quarter of 2023, apartment prices have decreased by 0.7 %.


Negative price fluctuations were mainly observed in the largest housing estates of Riga in March. Standard-type apartment prices have been falling since the middle of last year - for the ninth month in a row. Both positive and negative price changes could be observed in the vicinity of Riga in March.

 

In almost all the largest housing estates of Riga, prices for apartments decreased in the first quarter of 2023. The only exception was Ķengarags, where at the end of last year there was the biggest decline in prices, but this year apartment prices have remained stable. The biggest price decrease since the beginning of the year in Riga's housing estates was observed in Purvciems and Jugla (- 2 %). In other major housing estates of Riga, prices decreased by 0.2 – 1 % this year.

 

In March, changes were noted in apartment prices. The average price per square meter of standard-type apartments decreased for one-room (-0.4 %), two-room (-0.1 %), three-room (-0.2 %) and four-room (-0.2 %) apartments.

 

Compared to the previous month, the supply of apartments in Riga increased by 4 % in March. The number of apartments offered for sale in the largest housing estates of Riga analysed by ARCO REAL ESTATE also increased by 4 %. Compared to March 2022, the supply of apartments was generally higher: the total number of apartments offered for sale was higher by 30 %, while the number of apartments offered for sale in the largest housing estates was 44 % 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 March was in Purvciems, while the lowest - in Bolderāja.

 

Last month, the number of apartments offered for sale increased in almost all major housing estates of Riga. The number of apartments offered for sale increased the most in Teika (+ 25%). The number of apartments offered for sale in certain housing estates also had negative trends - in March it decreased in Iļģuciems (- 6%) and Jugla (- 7 %).


14.04.2023.

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