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Market report about situation on June 2012

Real estate transactions and supply are increasing.

Real estate transactions increased by 32.3%.  Increase in supply has grown by 12.5%​​.

"Evaluating period of this half-year, there is increasing in real estate supply. Comparing with 1st January of 2012 offer has increased by 12.5%​​. This result makes wider choice opportunities for buyers.

Comparing these year results wit previous years results, there is significant growth in number of transactions. It increased by 32.3 %. These figures show that people are more active in this field. However, banks are still conservative about giving housing loans, and it means that these changes won’t make rapid increase in buying real estate. The second half of this year in real estate prices is expected to rise to 4%.

BALSTS index in June rose by one point and reached 128 points. Apartment prices in Riga gradually risen, the biggest increase is in  Vecmilgravis and Bolderaja region, and it is about 1,1%.

Because of the summer season there is increasing in short time rental. Demand exceeds the supply. For short-term rental people have to apply a couple months before, but people are applying too late, so they have difficulties with finding suitable place for them selves. There is about 3% increasing in price of 2 bedroom apartments, and it is even catching up to 3 bedroom apartment prices. People willingly choose to rent already furnished apartments.

Demand for office space during the summer season has decreased, but the supply is constant. Prices are rising gradually - 1 EUR / per 1 sqm, "says real estate market BALSTS Chairman of the Board Aigars Zarins.


More information you will get:

BALSTS, Lacplesa Street 41,

Mob.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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