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Market report about situation on September 2013



TRANSACTIONS ARE DROPING

The number of transactions at the previous month fell down by 8%. This fall is due to the fact that August is vacation month in which market activity decreases. Either number of transactions is affected by the Latvian financial institutions workload of introducing the Euro, which reduced the number of issued credits.

 

In September the demand for rental apartments increased. These changes increased by the beginning of the Academic year when students are looking for accommodation in Riga. Supply of apartments is growing too – it is influenced by incoming rental apartment buildings. Apartments for rent at completely renovated buildings and Old city new projects cost up to 14-15 EUR/m2 per month, 11-13 EUR/m2 at quiet center, but nearby the center of 7-8 EUR/m2 per month. When we look at apartments in non-renovated buildings the price decreases by 2-5 EUR/m2 per month.

2013th was characterized by growing interest of good quality new built houses in Riga and Riga district. Cadastral Agency shows that the number of transactions in this sector has increased by about 30%. Potential buyers are interested in homes with an area from 200 m2 and a price around 150 000EUR. There are limited offer with good quality houses for fair price. Either the price is blown up, or the quality is insufficient. It is observed that buyers pay more attention to bank companies offer. In this case, there may be more favorable credit obtaining conditions.

  The lack of appropriate object supply is causing commercial object rental rate increase. The average rental rate for A class office is 12 - 15 EUR/m2. As for B class office premises, rental rate is characterized from 8 - 11 EUR/m2. There is lack in supply of high quality commercial premises, although real estate developers are not in rush to supply the growing demand. At commercial segment the most significant activities we can wait from 2015th – 2017th year.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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