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