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In November 2024, no significant changes were observed 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 November was 849 EUR/m². Also compared to the beginning of 2024, the prices of standard-type apartments in November were generally similar.
In 2024, the prices of standard-type apartments in Riga can be assessed as stable. As an exception, Vecmīlgrāvis and Jugla should be mentioned - in these housing estates, the prices of standard-type apartments decreased by 3-4% this year. In the standard-type apartment market in the vicinity of Riga - in Ogre, Jelgava and Kauguri -, apartment prices increased by 2-4% this year. On the other hand, apartment prices in Salaspils decreased by 2% this year.
The number of apartments offered for sale in Riga largest housing estates continued to fall in November. The level of supply was similar to that observed in November of the previous year, and it tends to decrease annually in the last quarter.
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 and Jugla. The biggest price reduction in Riga housing estates since the beginning of the year has been observed in Jugla (-3.6%). Vecmīlgrāvis has also seen one of the biggest drops in apartment prices this year. On the other hand, the biggest price increase (+1.9%) was found in Zolitūde this year. Both positive and negative price fluctuations have been observed in other housing estates this year.
In November, the average price of standard-type apartments remained to be 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 November, the changes in apartment prices were insignificant. The average price per square meter of standard-type apartments slightly decreased for one-room apartments (-0.2%). On the other hand, the average price per square meter of two-room apartments slightly increased in November (+0.4%). The average price per square meter of three- and four-room apartments remained unchanged.
Compared to the previous month, the supply of apartments in Riga decreased by 6% in November. The number of apartments offered for sale in the largest housing estates of Riga analysed by "ARCO REAL ESTATE" decreased by 7%. Compared to November 2023, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 4% more than a year ago but the number of apartments offered for sale 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 November was in Purvciems, while the smallest was in Bolderāja.
Last month, the number of apartments offered for sale decreased in most of Riga’s largest housing estates. The number of of apartments offered for sale decreased the most in Mežciems (-13%). In only one housing estate, the supply of apartments increased in November. The increase in apartment offers was observed in Teika, where it increased by 18% 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 November was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta and Bolderāja.
In November, small 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 largest price decrease was observed in Iļģuciems, where prices decreased by 0.6% during the month. On the other hand, in November, apartment prices increased the most in Imanta - by 0.7%. However, in most of the housing estates, price changes were not observed at all or were negligible in November.
Compared to the beginning of 2024, prices of standard-type apartments remained similar in November. Compared to the beginning of 2023, prices were 7% lower in November.
The highest prices of standard-type apartments remained in Teika in November, where the average price per square meter remained unchanged – 1068 EUR/m². The lowest average price per square meter was found in Bolderāja in November – 650 EUR/m², which slightly increased in November.
In November, 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 54 000 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 30 000 to 42 000 EUR, and the so-called Khrushchev-time houses, where the price of a 2-room apartment varied from 28 000 to 44 000 EUR depending on the housing estate.
Apartment market in the vicinity of Riga
Ogre
In November, the prices of standard-type apartments in Ogre slightly decreased – by 0,3%. The average price of one square meter of apartments was 848 EUR/m². Compared to the beginning of 2024, apartment prices in Ogre increased by 2% in November.
Kauguri, Jūrmala
In Kauguri, standard-type apartment prices did not change in November. The average price of standard-type apartments in November was 783 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri have become 3% higher.
Salaspils
In November, standard-type apartment prices in Salaspils decreased by 0.2%. The average price of one square meter of apartments dropped to 827 EUR/m². In November, standard-type apartment prices in Salaspils were 2% lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava decreased by 0.6% in November. The average price of standard-type apartments dropped to 741 EUR/m² in November. In Jelgava, standard-type apartment prices in November were 4% higher than at the beginning of 2024.
18.12.2024.