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In May 2024, 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 slightly. The average price of standard-type apartments dropped to 849 EUR/m² in May. Compared to the beginning of 2024, the prices of standard-type apartments are generally similar.
In May 2024, the increase in the number of apartments offered for sale caused a slight decrease in the average price of standard-type apartments. However, in general, prices can be considered stable, as no price fluctuations were detected in some housing estates, and prices even increased in some housing estates.
The number of apartments offered for sale in Riga's largest housing estates, after a sharp decline in April, increased again and reached the level of March. Thus, the supply of standard-type apartments was 8 % higher than a year ago.
Since the beginning of 2024, the prices of apartments in the largest housing estates of Riga both decreased and increased. However, price changes in the first months of the year were small and did not exceed 2 %. The biggest price decrease since the beginning of the year in Riga housing estates was observed in Vecmīlgrāvis (-1.8 %). On the other hand, the biggest price increase (+1.1 %) was found in Zolitūde this year. No price changes have been detected in Purvciems and Pļavnieki since the beginning of the year.
In May, the average price of standard-type apartments fell to 849 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 May, changes were noted in apartment prices. The average price per square meter of standard-type apartments decreased for two-room (-0.5 %) and three-room (-0.1 %) apartments. In contrast, the average price per square meter of four-room apartments decreased slightly in May, but the price of one-room apartments did not change.
Compared to the previous month, the supply of apartments in Riga decreased by 6 % in May. The number of apartments offered for sale in the largest housing estates of Riga analysed by "ARCO REAL ESTATE" increased by 7 %. Compared to May 2023, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 17 % higher, while the number of apartments offered for sale in the largest housing estates was 8 % 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 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 Imanta (+19 %). At the same time, the number of apartments offered for sale in Ziepniekkalns decreased slightly in May.
When analysing the supply of apartments in proportion to the size of the housing estate, i. e., by population, the largest supply in May was found in Mežciems and Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Pļavnieki and Imanta.
In May, 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 price increase was observed in Zolitūde, where prices increased by 0.7 % during the month. On the other hand, apartment prices fell the most in May in Jugla - by 0.9 %. No price changes were observed in some housing estates in May.
Compared to the beginning of 2024, standard-type apartment prices remained similar in May. On the other hand, compared to the beginning of 2023, prices are 7 % lower.
The highest prices of standard-type apartments remained in Teika in May, where the average price of one square meter increased to 1,071 EUR/m². The lowest average price per square meter in May was in Bolderāja – 644 EUR/m², which slightly decreased in May.
In May, 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 51 000 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 May, standard-type apartment prices in Ogre decreased by 0.2 %. The average price of standard-type apartments in May was 836 EUR/m². Compared to the beginning of 2024, apartment prices in Ogre increased by 0.2 % in May.
Kauguri, Jūrmala
In Kauguri, standard-type apartment prices increased by 0.3 % in May. The average price of serial apartments reached 774 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri increased by 0.3 % in May.
Salaspils
In May, standard-type apartment prices in Salaspils decreased by 0.6 %. The average price of one square meter of apartments decreased to 841 EUR/m². In May, standard-type apartment prices in Salaspils were 0.2 % lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava increased by 0.1 % in May. The average price of standard-type apartments rose to 725 EUR/m² in May. In May, standard-type apartment prices in Jelgava were 2 % higher than at the beginning of the year.
12.06.2024.