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In December 2024, there were still no significant changes in the prices of standard-type apartments in Riga's residential areas - the average price of standard-type apartments increased by 0.2% during the month. The average price of standard-type apartments in December was 851 EUR/m². Also compared to the beginning of 2024, the prices of standard-type apartments in December were generally similar.
In 2024, the standard-type apartment prices in Riga are assessed as stable. The largest price decrease was observed in January, while the largest increase was in December. In the vicinity of Riga, in the standard-type apartment market, apartment prices in Ogre, Jelgava and Kauguri increased by 2-4% in 2024. In Salaspils, apartment prices fell by 1% during the year.
The number of apartments offered for sale in Riga's largest residential areas continued to decrease in December. The level of supply was similar to that in December of the previous year, and it tends to drop to its lowest level every year in December.
In Riga's largest housing estates, apartment prices both decreased and increased in 2024. Price changes this year can be assessed as minor, except for Vecmīlgrāvis and Jugla. The largest price decrease since the beginning of the year in Riga's housing estates was observed in Jugla (-4%). Vecmīlgrāvis also experienced one of the largest drops in apartment prices this year. Meanwhile, Zolitūde and Āgenskalns recorded the largest price increases this year (+2%). In other housing estates, both positive and negative price fluctuations were observed this year.
In December, the average price of standard-type apartments increased to 851 EUR/m². Prices were on average 47% 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 December, apartment prices showed slight changes. The average price per square meter of standard-type apartments increased slightly for one-room apartments (+0.2%), two-room apartments (+0.4%) and three-room apartments (+0.1%). The average price per square meter of four-room apartments remained unchanged.
Compared to the previous month, the supply of apartments in Riga decreased by 17% in December. The number of apartments offered for sale in the largest housing estates of Riga analyzed by “ARCO REAL ESTATE” decreased by 20%. Compared to December 2023, the supply of apartments was generally higher: the total number of apartments offered for sale was higher by 3%, but the supply of apartments in the largest housing estates was lower (-2%) 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 December was in Purvciems, while the smallest supply was in Bolderāja.
Last month, the number of apartments offered for sale decreased in almost all major housing estates of Riga. The number of apartments offered for sale decreased the most in Jugla and Imanta (-30%). Only in one housing estate did the number of apartments offered for sale remain unchanged in December – in Bolderāja.
When analysing the supply of apartments in proportion to the size of the housing estate, i.e., by population, the largest supply in December was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta.
In December, small changes were observed in the prices of standard-type apartments in Riga housing estates. In the largest housing estates of Riga, mainly positive price fluctuations were observed. The largest price increase was observed in Imanta, where prices increased by 0.5% during the month. In several housing estates, price changes were not observed at all or were insignificant in December.
Compared to the beginning of 2024, prices for standard-type apartments remained similar in December. However, compared to the beginning of 2023, prices were 7% lower.
The highest prices of standard-type apartments remained in Teika in December, where the average price per square meter remained unchanged – 1068 EUR/m². The lowest average price per square meter was found in Bolderāja in December – 650 EUR/m², which slightly increased in December.
In December, 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 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 December, the prices of standard-type apartments in Ogre did not change. The average price of one square meter of apartments is 848 EUR/m². Apartment prices in Ogre in December of this year were 2% higher than at the beginning of 2024.
Kauguri, Jūrmala
In Kauguri, the prices of standard-type apartments increased by 0.7% in December. The average price of standard apartments in December was 788 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri were 4% higher in December.
Salaspils
In December, the prices of standard-type apartments in Salaspils increased by 0.3%. The average price of one square meter of apartments rose to 830 EUR/m². In December, the prices of standard-type apartments in Salaspils were 1% lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava increased by 0.3% in December. The average price of standard-type apartments in December increased to 743 EUR/m². In Jelgava, the prices of standard apartments are 4% higher than at the beginning of 2024.
27.01.2025.