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Market report about situation on October 2013



STABILIZATION STAGNATES

" Stabilization of the real estate market have turned into a stable stagnation. Only in some segments, there have been larger and smaller activities. Since the beginning of 2013th number of transactions each month varies around 1,140 transactions. Also price of one square meter for apartments in Riga varies around maximum 1%" explains CEO of company BALSTS Aigars Zarins.

 

In October minimal apartment price increase from 0.19 to 0.93% were spotted in Center, as well as in new project segment and secondary apartment segment in Jugla, Purvciems, Plavnieki, Mezciems, Vecmilgravis, Kengarags, Bolderaja, Ziepniekkalns and Imanta. Price drop from 0.39 - 0.57% were observed in Teika and Agenskalns. During October BALSTS index increased by one point – 135.

Approaching heating season, buyers are paying more attention not only to the level of housing maintenance, quality management and land ownership issue, but also are interested in the utility debt level for certain apartment building. Buyers are interested in gas heating with individual meters, which significantly reduces maintenance costs.

  Since fall 2012th vacant Class A office space ratio decreased from 10% to 3.4%. It will decrease more and more, and eventually cause vacant space shortage, which will lead to rent rates increase. Class A office space rent is constant for last three quarters 12 to 15 Eur/m2. Class B office rent from 8-11 Eur/m2. New commercial building projects are expected as no sooner than year 2015th, because developers are still not ready to start construction without having signed any significant long-term prelease agreements.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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