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Market report about situation on June 2013



MARKET SITUATION REMAINS AT A CONSTANT LEVEL

June 2013 did not come up with any significant turns. 0.13 to 0.35% price increase were spotted in Center, new project segment and secondary apartments in Jugla, Mezaparks, Agenskalns and Imanta. 0.23 - 0.45% price drop were observed in Vecmilgravis and Bolderaja. BALSTS index increased for one point - 132.

 

Existing apartment stock still haven’t returned at a sufficient level, therefore, the market situation remains at a constant level. Information from Riga’s Cadastral Agency shows that the number of transactions compared to June 2012 increased by 15%. This increase mainly can be explained by high interest from non-residents and active demand for properties owned by bank subsidiaries. 1048 real estate sales transactions are concluded in June”, the situation commented CEO of company BALSTS Aigars Zarins.

  This month the average price for secondary market apartments reached 579 EUR/m2 mark. It is around 64% lower than it was in the 2007th on July 1, when the average non-renovated apartment price reached all-time highest figure - 1620 EUR / m². Since the beginning of 2013, apartment prices increased only by 0.8%. Most affordable in Riga are secondary market apartments - from 500 to 700 EUR/m2. Prices in new project segment apartments in the suburbs varies in the range from 950 to 1500 EUR/m2, while the prices of new projects in center ranges from 1400 up to 3800 EUR/m2.

  Office stock in Riga, compared with the two other Baltic countries,is the largest. In addition, Riga has the lowest vacant Class A office space - 3%. The average rental rate for this class of office is 8 - 12 EUR/m2. Vacancy rate in Class B offices currently is 19%, rental rate for this class premises - 6-8 EUR/m2.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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