Get the latest
offers!

Market report about situation on December 2013



LARGEST NUMBER OF TRANSACTIONS DURING THE LAST SIX YEARS

In the last calendar year, the number of real estate transactions compared to 2012 increased by 14%. The total transaction amount for 2013 is the highest of the last six years. There has been an increase of buyer activity in all segments of the residential market. In Riga, there were 13,861 transactions recorded for the 12 months. This annual increase demonstrates that the Latvian real estate market has begun a slow and gradual move upwards.

 

Since the beginning of 2013, average prices for apartments grew by 3.1%. This increase applies to properties at all levels of the market, with particular demand for one and two bedroom apartments. The highest price increase per square meter was noted in Kengarags, at 4.7%. The only area to experience dropping prices is Bolderaja, where there was a decrease of 4.1%. In other suburbs prices are tended to rise.

‘’We expect that the Latvian real estate market this year will not be as “flat” as last year. Firstly, the introduction of the Euro will make the Latvian market safer and more attractive, by removing currency risk. Western investors will begin to look at Latvia as a place for safe real estate investment. As a result of the recession, Latvian real estate prices are about 49% lower than in 2007, when average apartment prices were at their peak. Secondly, there is an expected increase in wages, and purchasing power. Market development will naturally follow local consumers ability to purchase real estate. The number of potential borrowers who, with bank support, will be able to buy homes, will increase accordingly”, explains the CEO of BALSTS, Aigars Zarins.

  In December of 2013 apartment price increases were observed of 0,15 to 1,29% in most of the secondary market, as well in the center and new projects. Price drops from 0,62 to 0,66% were observed in Bolderāja, Āgenskalns and Zolitūde. For December BALSTS index increased by one point and reached 136 points.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

&

FacebookDraugiem.lvTwitterYoutubeLinkedin

Property search
Operations:
Type of property:
City/District:
Area:
Street:
Number of rooms:
Price:
from to
Currency:
Area (m²):
from to
Balsts ID: