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In May 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 0.8 %. The average price of standard-type apartments dropped to 904 EUR/m². In the first months of 2023, apartment prices in general have decreased by 1.4 %.
Despite the positive price fluctuations of the previous month, in May the prices of standard-type apartments had a downward trend. Negative price fluctuations were mainly observed in the largest housing estates of Riga in May. This was the biggest price drop this year. Apartment prices remained stable only in certain housing estates.
In May, changes were noted in apartment prices. The average price per square meter of standard-type apartments decreased for one-room (-0.6 %), two-room (-0.9 %), three-room (-0.9 %) and four-room (-0.8 %) apartments.
Compared to the previous month, the supply of apartments in Riga increased by 0.2 % in May. The supply in the largest housing estates of Riga analysed by ARCO REAL ESTATE increased by 3 %. Compared to May 2022, the supply of apartments was generally higher: the total number of apartments offered for sale was 30 % higher, while the number of apartments offered for sale in the largest housing estates was 40 % 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 May was in Purvciems, while the smallest was in Bolderāja.
Last month, the supply of apartments increased in most of Riga's largest housing estates. The number of apartments offered for sale increased the most in Purvciems (+ 20%). The number of apartments offered for sale in several housing estates also had negative trends - in May it decreased the most in Vecmīlgrāvis (- 12 %).
The highest prices of standard-type apartments remained in Teika in May, where the average price of one square meter decreased to 1 097 EUR/m². The lowest average price of one square meter in May was in Bolderāja – 696 EUR/m², which remained unchanged in May.
01.06.2023.