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Market report about situation on August 2011


In the end of the year we expect the price increase

After the real estate company’s BALSTS ​​observations, we conclude that in the summer not only reduced customer activity, but also have fallen the prices of the real estate in Riga. The opposite situation is observed in Jurmala - there real estate prices have risen. In the last quarter of 2011 we expect a major increase in prices over the past 12 months.

"In early August we reported that the rental prices in Riga had risen up due to the insufficient supply.The opposite situation is with the selling prices. If in the center of Riga price changes are insignificant, then in such neighborhoods as Vecmilgravis, Bolderaja, Kengarags fall of the prices during the summer period was much more rapid. Currently, the average price of apartments in a secondary market is 600 EUR/m2, comparing with July, prices have decreased by 0.15%," the market situation explains the head of the company BALSTS Aigars Zarins.

 

"Completely different situation is in the real estate market of Jurmala. Real estate prices during the year there have increased by about 20%. Higher price increase is for exclusive projects, there it reaches up to 30%. Rent prices in Jurmala grows almost every summer – both, local and foreign residents, prefer to spend the summer season by the sea, the demand increases, and the prices increases too. The selling prices have risen due to the strong interest about the residence permits - only in July there have been recorded 97 residence permits. This year for getting the residence permits by the purchasing of the real estate, are spent nearly 60 million lats. Another reason for price increase in Jurmala is a limited offer. Russia and its neighboring countries are more interested in properties in Jurmala, not in Riga, and the low supply and increasing demand causes the price increase of the real estate, "commented Mr. Aigars Zarins.

 

"The first part of the 2011 can be characterized as "stagnation” in the real estate market. In the beginning of the autumn we forecast an increase of the customer activity and an increase of the real estate prices in Riga center and in the closest neighborhoods. In the end of the August a customer activity has noticeably increased, increased a number of visits at various real estate internet sites, increased the number of incoming calls too – interest from the buyers side is rapidly growing. Evaluating this clients’ interest in the end of the August for the commercial lease and purchase of apartments, we forecast that in the last quarter of this year could be the most significant real estate price increase over the past 12 months, " the real estate market evaluates Aigars Zarins.

 

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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