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BY CHANGING LAW, WILL INCREASE THE ACTIVITY IN THE REAL ESTATE MARKET IN THE CENTRE OF RIGA, JURMALA AND MEZAPARKS


For a long period in the Real estate market is observed stability. Is there a possibility that changes in legislation will change the current situation?

„I must say that talks of a sharp market activation is greatly exaggerated. Of course, there is an increased interest from non-resident parties, however,  the total background changes are not noticeable. The number of transactions rose from the beginning of the year to March, with an overall increase by half, but for 3 months this market came to the same level. This, as expected, is a year of stabilization,” the market situation valued Aigars Zariņš.

      So far, non-residents were able to get a residence permit, if they purchased a property in Latvia for at least 150 000 Eur. But now is supported the amendments to the Immigration Law, supplementing it with the provision, that the cadastral value of the property must be at least 30 000 Ls, if it is located in Riga region or cities under state.

            „When changes in the law comes into force, they diverge non-resident interest in the property more valuable, automatically denying to buy housing located in residential districts- in serial houses. Increasing demand for housing in the center of Riga, Mezaparks and Jurmala. As a result, prices in the above areas could grow. Currently, in Jurmala prices are artificially heightened - the average price for one m2 is almost double of the exclusive objects in Riga. There is a high demand, however, happens only few transaction. Increased non-resident interest in real estate property in Jurmala could justify this price increase,” the real estate company BALSTS manager Aigars Zariņš gives a comment.

             In market of Rent there is a high demand for high-quality apartment, but people are not willing to pay the price, which is given, they’re trying to reduce it. Overall, prices have remained constant, observed stability.

              The average price for apartments in the center range from 1,000 to 1,500 Eur / m2, depending on the apartment's condition and location. The average price in embassy district and Old Town for apartments are 1800 – 2000 Eur / m2.

             In commercial segment remains a high interest in the premises on the first storeys, in places with busy pedestrian.

 

More information you will get:

BALSTS, Audeju Street 8,

Mob.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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