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Market report about situation on July 2013



IN JULY NUMBER OF TRANSACTIONS HAS INCREASED

In July it is possible to observe an increase in the serial residential housing market of Riga: it is possible to observe both an increase in supply and an increase in the number of transactions. In comparison with July 2012 it has increased by 18%, and has reached 1,192 transactions per month.

 

In the districts of the capital, 90% of buyers are local residents. Latvians have a different approach to transactions: the transactions take a longer period of time and the prices are lower. It is easier regarding foreigners: they arrive for two or three days and often manage to perform the transaction during this period of time, or they leave an authorisation that enables an object to be bought on behalf of them if they are satisfied with the real estate and its price. But, foreigners do not want to deal with renovation. Potential customers are ready to pay for really qualitative products on the residential housing market. Most of the customers prefer housing that they can move into immediately. Therefore, offers from the bank for average market prices are less popular, because these objects are usually of worse quality.

  Riga has a tendency that it is practically impossible to find a renovated one-bedroom or two-bedroom apartment in a house which was built in a good location and for appropriate price (around 600 Eur/m2). By end of 2013 secondary apartment prices could reach 3% growth. Also the city center properties and new projects by 2013 will become more expensive.

  At July Rigas real estate market price situation has minimal increase and decrease. Price increase from 0.08 to 0.34% were spotted in Center, new project segment and secondary apartments in Jugla, Purvciems, Plavnieki, Vecmilgravis, Agenskalns and Zolitude. 0.21 - 0.26% price drop were observed in Mezaparks and Kengarags. BALSTS index increased for one point - 133.

  At commercial segment still active is warehouse and industrial space demand. The greatest lease demand is for space with area from 500 to 1,000 square meters. Commercial land supply still exceeds demand, but prices start to approach the market prices.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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