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.

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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.

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