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In October 2024, there were still no significant changes in the prices of standard-type apartments in Riga housing estates - during the month, the average price of standard-type apartments increased by only 0.1%. The average price of standard-type apartments in October – 849 EUR/m². Compared to the beginning of 2024, the prices of standard-type apartments 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 approximately 3% this year. The prices of apartments in Ogre, Jelgava and Kauguri in the standard-type apartment market in the vicinity of Riga increased by 1-3% this year. On the other hand, in Salaspils, apartment prices fell by 1% this year.
The number of apartments offered for sale in Riga's largest housing estates decreased in October. The supply level was similar to the previous October.
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 (-3.3%). Vecmīlgrāvis has also seen one of the biggest drops in apartment prices this year. On the other hand, the biggest price increase (+1.6%) was found in Zolitūde this year. Both positive and negative price fluctuations have been observed in other housing estates this year.
In October, the average price of standard-type apartments rose 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 October, the changes in apartment prices were insignificant. The average price per square meter of standard-type apartments slightly decreased for one-room apartments (-0.1%). On the other hand, the average price per square meter of two- and three-room apartments increased slightly in October. The average square meter price of four-room apartments remained unchanged.
Compared to the previous month, the supply of apartments in Riga decreased by 4% in October. The number of apartments offered for sale in the largest housing estates of Riga analysed by "ARCO REAL ESTATE" decreased by 7%. Compared to October 2023, the number of apartments offered for sale was generally higher: the total number of apartments offered for sale was 2% more than a year ago but the number of apartments offered for sale in the largest housing estates was 2% 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 October 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 supply decreased the most in Teika (-21%). At the same time, the supply in certain housing estates increased in October. The largest increase in apartment supply was observed in Vecmīlgrāvis, where it increased by 5% 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 October was found in Āgenskalns. On the other hand, the number of apartments offered for sale was proportionally the lowest in Imanta and Bolderāja.
In October, small changes were found in the prices of standard-type apartments in the housing estates of Riga. Both positive and negative price fluctuations were observed in the largest housing estates of Riga. The biggest price decrease was observed in Jugla, where prices decreased by 2% during the month. On the other hand, in October, apartment prices increased the most in Bolderāja and Zolitūde - by 1%. No price changes were observed in Mežciems, Teika and Vecmīlgrāvis in October.
Compared to the beginning of 2024, prices of standard-type apartments remained similar in October. Compared to the beginning of 2023, prices were 7% lower.
The highest prices of standard-type apartments remained in Teika in October, where the average price per square meter remained unchanged – 1068 EUR/m². The lowest average price per square meter was found in Bolderāja in October – 647 EUR/m², which slightly increased in October.
In October, 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 29 000 to 42 000 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 October, the prices of standard-type apartments in Ogre did not change. The average price of one square meter of apartments remained at 851 EUR/m². Compared to the beginning of 2024, apartment prices in Ogre increased by 2% in October.
Kauguri, Jūrmala
In Kauguri, standard-type apartment prices did not change in October. The average price of standard-type apartments in October is 783 EUR/m². Compared to the beginning of 2024, apartment prices in Kauguri have become 3% higher.
Salaspils
In October, standard-type apartment prices in Salaspils increased by 0.2%. The average price of one square meter of apartments rose to 829 EUR/m². In October, standard-type apartment prices in Salaspils were 2% lower than at the beginning of the year.
Jelgava
Apartment prices in Jelgava increased by 0.9% in October. The average price of standard-type apartments increased to 745 EUR/m² in October. In Jelgava, standard-type apartment prices were 5% higher than at the beginning of 2024.
15.11.2024.