Balsts: highest standard apartment prices noted in Teika district
In February, average standard apartment prices were stable. Only in a couple of microdistricts had minimally increased – by 0.12%, as reported by a representative of real estate company Balsts.
Prices of standard apartments were the highest in Teika district – 866 EUR/m2. Bolderaja remains a leader in terms of low prices – 486 EUR/m2. The largest price increase was noted in Imanta in February (0.53%). Balsts index in January increased by 1 point – 171 points.
«Although apartment supply remains low and unable to satisfy demand, the market retains a level of stability. Price rise is held back by the lack of demand and that more than one-third of Latvia’s economically active residents consider the purchase of apartments in new projects, where there is currently a deficit of supply. The lack of supply is not something that can be compensated in a short period of time, it can take years,» says Balsts chairman Aigars Zarins.
He predicts that the current situation could influence more rapid price rise on the secondary market and in the new project segment.
Demand for housing rent in Pieriga is stable. People mostly prefer Marupe, Babite, Garkalne and Stopini. People are prepared to pay EUR 1,000 – EUR 2,000 for new 200-250 m2 apartments a month. For qualitative new apartments, monthly rent pay in Pieriga is currently EUR 400-EUR 750, company representatives explain.
Activity of buyers on the new projects segments remains on the previous level. Prices in February remained unchanged – 1,400 EUR/m2. Prices for new project apartments currently range on average between EUR 1,000 and EUR 1,750 per 1 m2 (EUR 1,450 to EUR 3,800 in the city centre). In the exclusive apartment segment varies between EUR 2,400 and EUR 4,000 per m2.
«Currently A-class office space in Riga is offered at a price of 12-16 EUR/m2 a month. In more prestigious buildings, rent price comes close to 16-19 EUR/m2 a month. B-class office space varies between 7-12 EUR/m2,» Balsts comments.