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Market report about situation on January 2014



YEAR STARTED WITH GROWTH

As we predicted, 2014 started with growth. The number of transactions, at 1,119, reached its highest point, by comparison with the first month of each of the previous seven years.

 

Real estate prices will rise slightly this year, up to a maximum increase between 10 and 15%; though in some segments, such as luxury apartments, there may be faster growth. This increase will be mainly affected by market development. The change of currency has also been put forward as a potential price increase factor, but, in reality, real estate has been quoted and traded in Euros since 2004. However, joining the Eurozone will stimulate interest from Eastern buyers, while encouraging Western buyers to see Latvia as a place for successful investment.

  In January of 2014 apartment price increases were observed of 0.16 to 1.11% in most of the secondary market, as well in the center and new projects. 0.44% price drop were observed only in Bolderāja. For January BALSTS index increased by one point and reached 137 points.

Overall in the real estate market, the average apartment price is about 600 – 605 Euros per square meter. As at January, there remains considerable interest in apartments in new projects, where buyers are prepared to pay 1200 – 1300 Euros per square meter.

  With regard to Riga office space, A class space is being offered for tenancy at 9 – 14 Euros per square meter, and, in the most prestigious buildings, up to 16-17 Euros per month. Class B space is on offer at 6 – 10 Euros per square meter per month, before service charges. The greatest demand is for premises of an area less than 200 sq.m.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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