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In August 2024, no changes were found in the prices of standard-type apartments in Riga housing estates - during the month, the average price of standard-type apartments remained unchanged. The average price of standard-type apartments in August – 848 EUR/m². Compared to the beginning of 2024, the prices of standard-type apartments are generally similar.
In spite of small fluctuations in the prices of apartments in several housing estates, in August 2024 this year, the prices of apartments can be assessed as stable. At the same time, several cities and towns around Riga have seen positive standard-type apartment price changes this year. In Jelgava, prices have already increased by 3 % this year, in Kauguri - by 2 %, and in Ogre - by 1 %. Opposite trends can be observed this year in Salaspils, a town in the vicinity of Riga, where apartment prices fell by 2 % this year.
The number of apartments offered for sale in the largest housing estates of Riga decreased by 4 % in August. The level dropped to the level of August of the previous year.
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, where the largest price decrease since the beginning of the year was observed (-2.9 %). Jugla has also seen one of the biggest drops in apartment prices this year. On the other hand, the biggest price increase (+0.6 %) was found in Zolitūde this year. In other housing estates, price changes did not exceed 1 % this year.
In August, the average price of standard-type apartments remained at 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 August, the changes in apartment prices were insignificant. The average price per square meter of standard-type apartments decreased slightly only for two-room apartments (-0.2 %). On the other hand, the average price per square meter of one-, three- and four-room apartments did not change in August.
Compared to the previous month, the supply of apartments in Riga decreased by 4 % in August. The number of apartments offered for sale in the largest housing estates of Riga analyzed by "ARCO REAL ESTATE" also decreased by 4 %. Compared to August 2023, the supply of apartments was generally higher: the total number of apartments offered for sale was 7 % higher as a year ago, but the offer of apartments in the largest housing estates was exactly the same as a year ago.
Summarizing the number of apartments offered for sale in Riga housing estates, it can be concluded that the largest supply in August was in Purvciems, while the smallest was in Bolderāja.
Last month, the number of apartments offered for sale decreased in most of Riga largest housing estates. The number of apartments offered for sale decreased the most in Purvciems (-14 %). At the same time, the supply of apartments in several housing estates increased in August. The biggest increase in apartment supply was observed in Mežciems, where it increased by 12 % 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 August was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta.
In August, 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 reduction was observed in Bolderāja and Imanta, where prices decreased by 0.6 % during the month. On the other hand, in August, apartment prices increased minimally only in Purvciems, Pļavnieki and Mežciems - by 0.1-0.4 %. In almost half of Riga largest housing estates, no price changes were observed in August.
Compared to the beginning of 2024, the prices of standard-type apartments remained similar in August. On the other hand, compared to the beginning of 2023, prices were 7 % lower in August.
The highest prices of standard-type apartments remained in Teika in August, where the average price of one square meter remained at 1069 EUR/m². The lowest average price per square meter in August was in Bolderāja – 640 EUR/m², which slightly decreased in August.
In August, 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 26 000 to 44 000 EUR depending on the housing estate.
Apartment market in the vicinity of Riga
Ogre
In August, standard-type apartment prices in Ogre increased by 0.7 %. The average price of standard-type apartments in August – 844 EUR/m². Compared to the beginning of 2024, apartment prices in Ogre have increased by 1 % in August.
Kauguri, Jūrmala
In Kauguri, standard-type apartment prices increased by 0.6 % in August. The average price of standard-type apartments in August – 780 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri are 2 % higher.
Salaspils
In August, the prices of standard-type apartments in Salaspils did not change. The average price per square meter of apartments remained at 827 EUR/m². In August, standard-type apartment prices in Salaspils were 2 % lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava increased by 0.6 % in August. The average price of standard-type apartments rose to 734 EUR/m² in August. In August, standard-type apartment prices in Jelgava were 2 % higher than at the beginning of 2024.
16.09.2024.