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Market report about situation on February 2012


BALSTS Index in February is 126. Standard-type apartments’ price increased by 0,8%. Housing segment has activated – grows both – demand and supply. Due to the insufficient supply rental prices continue to grow - increase in February – 1,5%. Lease terms are getting longer.
"BALSTS Index in February 2012 increased by 1 point and is 126. The average price of apartments in the city center is stable - 1210 Eur/m2, standard-type apartaments price increased by 0.8% and is 605 Eur/m2,” explains CEO of company BALSTS Aigars Zarins. 

"In residental segment activated local Latvian people, in February the largest interest was in the standard-type apartments, the most in Purvciems. Potential buyers prefer Purvciems, because this area is relatively close to the center, but the prices are significantly lower than, for example, in Teika. Basically, people are interested in 2 - 3 rooms apartments for which they are willing to pay up to 40 000 Eur. The situation in the center of Riga has not changed, interest in the apartments in the center and prices of apartaments remained stable, " the residential segment comments AigarsZarins. 

"In February 2012 was observed growth of the interest in a housing segment. Most interest was in the small and economical houses. Buyers of such properties are willing to pay up to 150 000 EUR, but this price disagree with the real market situation. Owners of such properties offer them on the market for price between 180 000 Eur and 200 000 Eur, therefore increased interest does not promote increase of the number of transactions in a housing segment. In the market begins to appear more houses with a good location and the normal market price, but supply is still not sufficient," says Aigars Zarins. 

"In the market continues to lack rental apartments, in addition, there is not only a lack of cheap apartaments but also high quality and exclusive objects. Due to a deficit of rental apartaments, prices continues to rise, growth in February reached 1.5%. Due to a price increase owners of rental apartaments sometimes values their properties above market price, therefore, despite of the lack of apartments, these offers are not competitive and potential tenants are not interested in them. Recently is observed a trend not to sign lease agreements just for one year, but on a much longer period, up to 5 years," the rental market comments Aigars Zarins. 

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