Av­er­age real es­tate prop­erty price in Riga re­mains lower than in Tallinn and Vil­nius

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Real es­tate prices in Latvia’s cap­i­tal city or Riga are be­hind prices in Tallinn and Vil­nius. The price for 1 m2 in Riga is cur­rently around EUR 1,390. Prices reach EUR 1,800 in Tallinn and EUR 1,500 in Vil­nius, ac­cord­ing to in­for­ma­tion an­a­lysed from kv.ee, city24.ee, dom.ria.com, city24.lv, aruo­das.lt and do­mo­plius.lt.

Data shows that in Riga, where the av­er­age price is 1,390 EUR/m2, prices have in­creased 1% over the course of the last month. This means a rather large dif­fer­ence when com­pared to Tallinn, where recorded price rise was 7.5%. The price of real es­tate prop­er­ties within a 30-50 km radius from Riga is around 525 EUR/m2. There is a great deal of de­mand for sec­ondary mar­ket apart­ments (700-900 EUR /m2) and sin­gle-bed­room apart­ments. Peo­ple in Latvia would gladly pur­chase prop­erty in new pro­jects, but the num­ber of of­fers is too low, and peo­ple do not want to pay EUR 1,500 per 1 m2.

In 2017, the price in Tallinn was ap­prox­i­mately 1,700 EUR/m2. Over the course of the year, ac­cord­ing to in­for­ma­tion from the Es­to­nian Land Book, the av­er­age price in­creased by ap­prox­i­mately 12%. In 2018, the av­er­age price in Tallinn was around EUR 1,800. Look­ing at this coun­try’s mar­ket city by city, it be­comes clear that real es­tate prop­erty is the cheap­est in Mõisaküla – 40 EUR/m2. Prices are around EUR 168 in Tarty and Saue. Prices range be­tween 168 and 1,700 in different ar­eas. A great deal of de­mand is ob­served in the small apart­ments sec­tor and ex­pen­sive apart­ments sec­tor, ac­cord­ing to com­piled data.

It is also men­tioned that the real es­tate price in Vil­nius is EUR 1,500 on av­er­age. The price has grown over the years: by 4.8% in Kau­nas, 3.1% in Panevėžys, 2.4% in Klaipeda and 3.6% in Vil­nius. Be­cause of the price rise, peo­ple in Lithua­nia pre­fer to pur­chase hous­ing not in Vil­nius but rather other cities, where prices have not yet reached the high­est point.

Prices in Ukraine con­tinue to de­cline – by 2.8% in March and April. The av­er­age price in Kyiv is cur­rently 831 EUR/m2. Prices range be­tween 366 and 724 EUR/m2 in different re­gions. Ac­cord­ing to an­a­lysts, real es­tate price will con­tinue to de­cline. Be­cause in­come of Ukrainian res­i­dents is small, buy­ers pre­fer one and two-bed­room apart­ments in Khrushchev-era houses.

Автор: Pan­therMe­dia/SCANPIX

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