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In July 2024, minimal changes were found in the prices of standard-type apartments in Riga housing estates - during the month, the average price of standard-type apartments decreased by 1 EUR/m². The average standard-type of standard-type apartments in July was 848 EUR/m². Compared to the beginning of 2024, the prices of serial apartments in July were generally similar.
In July 2024, apartment prices were considered stable. And in general, no significant price fluctuations have been observed in the standard-type apartment market in 2024. An exception should be mentioned – it was Vecmīlgrāvis, where prices decreased by 3 % this year. Also in the vicinity of Riga, the standard-type apartment market can be assessed as stable - no significant price changes were observed.
The number of apartments offered for sale in the largest housing estates of Riga decreased by 2 % in July. The level dropped below the July indicator of the previous year - the supply of apartments was 3 % lower than a year ago.
Since the beginning of 2024, the prices of apartments in the largest housing estates of Riga both decreased and increased. Price changes this year can be assessed as minor, except for Vecmīlgrāvis. The biggest price decrease since the beginning of the year in Riga housing estates was observed in Vecmīlgrāvis (-2.9 %). Jugla has also seen one of the biggest drops in apartment prices this year. On the other hand, the biggest price increase (+1.1 %) was found in Zolitūde this year. In other housing estates, price changes this year mostly did not exceed 1 %.
In July, the average price of standard-type apartments dropped to 848 EUR/m². Prices were on average 48 % lower than on July 1, 2007, when the average price of a non-renovated standard-type apartment reached the highest ever value – 1 620 EUR/m².
In July, the changes in apartment prices were insignificant. The average price per square meter of standard-type apartments decreased slightly for one-room and four-room apartments (-0.1 %). On the other hand, the average price per square meter of two- and three-room apartments did not change in July.
Compared to the previous month, the supply of apartments in Riga increased by 1 % in July. The number of apartments offered for sale in the largest housing estates of Riga analyzed by "ARCO REAL ESTATE" decreased by 2 %. Compared to July 2023, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 8 % higher than a year ago, but the number of apartments offered for sale in the largest housing estates was 3% less 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 July was in Purvciems, while the smallest was in Bolderāja.
Last month, the number of apartments offered for sale in Riga's largest housing estates decreased by almost half. The number of of apartments offered for sale decreased the most in Mežciems (-16 %). At the same time, the supply of apartments in many housing estates increased in July. The biggest increase in number of apartments offered for sale was observed in Vecmīlgrāvis, where it increased by 10 % during the month.
When analysing the supply of apartments in proportion to the size of the housing estate, i. e., by population, the largest supply in July was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta.
In July, minimal changes were found in the prices of standard-type apartments in Riga housing estates. Both positive and negative price fluctuations were observed in the largest housing estates of Riga. The most significant decrease in prices was observed in Vecmīlgrāvis, where prices decreased by 1.2 % during the month. On the other hand, in July, apartment prices increased minimally only in Purvciems, Pļavnieki, Imanta and Ziepniekalns - by 0.1-0.3 %. In almost half of the largest housing estates of Riga, no price changes were observed in July.
Compared to the beginning of 2024, the prices of standard-type apartments remained similar in July. On the other hand, compared to the beginning of 2023, prices were lower by 7 %.
The highest prices of standard-type apartments were in Teika in July, where the average price of one square meter remained at 1069 EUR/m². The lowest average price per square meter was observed in Bolderāja in July (644 EUR/m²) – it remained unchanged in July.
In July, the most expensive apartments still were apartments in the houses of the series 119 and 104, where the price of 2-room apartments in a satisfactory condition varied from 52 000 to 55 000 EUR depending on the location. In turn, the so-called Lithuanian design houses were the cheapest ones, where the price of 2-room apartments varied from 29 000 to 41 000 EUR, and the so-called Khrushchev-time houses, where the price of a 2-room apartment varied from 27 000 to 44 000 EUR depending on the housing estate.
Apartment market in the vicinity of Riga
Ogre
In July, standard-type apartment prices in Ogre increased by 0.3 %. The average price of standard-type apartments in July was 838 EUR/m². Compared to the beginning of 2024, apartment prices in Ogre have increased by 0.5 % in July.
Kauguri, Jūrmala
In Kauguri, standard-type apartment prices increased by 0.2 % in July. The average price of standard-type apartments in July was 775 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri have increased by 2 % in July.
Salaspils
In July, the prices of standard-type apartments in Salaspils decreased by 1 %. The average price per square meter of apartments fell to 827 EUR/m². In July, standard-type apartment prices in Salaspils were 2 % lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava increased by 0.4 % in July. The average price of seristandard-type apartments rose to 730 EUR/m² in July. In July, standard-type apartment prices were 2 % higher than at the beginning of 2024.
14.08.2024.