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Market report about situation on February 2013



WAITING FOR NEW ACTIVITIES

Since the beginning of 2013, real estate market was quiet, calm and without significant price fluctuations. BALSTS index increased by one point and has reached 131.  

 

Compared to February the average price per square meter has risen by 1.1%. Although the price has increased for last few months, within period of 2 years it has not changed significantly.

  February 2013 showed 0.07 to 0.52% price increase in new projects located in Center, Teika, Jugla, Purvciems, Bolderaja, Agenskalns, Imanta. In opposition - price drop by 0.21 to 0.58% were spotted in Plavnieki, Mezciems and Kengarags. Average apartment price in Riga for February compared to the previous month has increased by 0,2% and amounted in square meter price 580 euros. Overall during February Balsts index increased and reached 131 points.

„Customers are currently looking for a property in good condition that does not require refurbishment. Apparently housing supply for properties in good quality and at affordable market price is limited. We observe that people do not hurry with their buying decision, because they have noticed that price is not changing significantly in last period”, situation at February is commented by CEO of company Balsts Aigars Zarins.

In new project segment customer activity has remained unchanged. The main interest concentrates on newly built projects. Demanded mostly are 2 and 3 bedroom apartments with an average price from 1150 to 1300 euro’s per square meter.

This month the demand for commercial premises has not decreased, that is why market may lead into supply shortage in nearest future. As a result, we can expect rent range increase for 10 - 15%. As we see, occupancy in Riga’s active center reached 90%. In addition, Silent center does not contain enough street retail spaces. There is growing demand of the shopping center vacant areas, but current supply mostly is located on highest floors and in the "quiet corners".

 

 

 

More information you will get::

Balsts ,Lacplesa 41,

Тel.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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