Prices of standard apartments in Latvia have grown 10%
The price of standard apartments in Riga’s districts had grown 1.1% in January. Since the beginning of 2017, prices have grown by a total of 10%, as mentioned in Arco Real Estate latest apartment market outlook.
The company reports that the average price of standard apartments in Riga reached 776 EUR/m2 in January. At the same time, the average price in January was 52.1% below the one recorder in July 2007, when the average price of unfinished apartments reached its all-time peak – 1,620 EUR/m2. Compared to the beginning of 2016, prices have increased by 18.4%.
Arco Real Estate reports that the price increase recorded in January was the largest recorded the past half-year. Positive price fluctuations were recorded in all of Riga’s districts except for Jugla, where no price changes were recorded in January.
The most rapid price rise per 1 m2 among Riga’s districts was observed in Bolderaja, where is increased by 14.5%. The slowest price increase was observed in Teika, where prices increased by 6.3%.
Average prices of single-bedroom apartments in Riga grew by 1.5%, prices of two-bedroom apartments grew 1.3%, price of three-bedroom apartments grew 0.8%, and prices of four-bedroom apartments grew 0.9% in January.
The outlook also mentions that prices in Riga’s micro-districts grew by 0.4-2% in January. Some of the most rapid increases were observed in Zolitude and Kengarags, where apartment prices grew 2% over the course of the month. No price changes were observed in Jugla in January.
Prices of standard apartments remained the highest in Teika, where the average price was 918 EUR/m2. The lowest average price remained in Bolderaja, were it was 557 EUR/m2.