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Market report about situation on March 2014



THE NUMBER OF TRANSACTIONS WILL CONTRIBUTE TO PRICE INCREASE

The tendency observed in 2014 indicates that investors are attracted by an opportunity to purchase the buildings in a poor condition located in the centre of Riga. The objects are renovated and then sold as individual flats to non-residents who want to obtain temporary residence permits in Latvia. Investors are interested if the purchase amount of such buildings ranges from 0.5 to 2.0 million euros.

 

“The real estate market started brightening up also without transactions aimed to obtain residence permits. The number of transactions in the suburbs of Riga or the former Riga region reached increase of 18% last year. The number of transactions increased also in the areas which are not desired by non-residents. This suggests that the real estate market has overcome stagnation and its rise has started. As increase in transactions generally is followed by the increase of price in the market, we anticipate that this year there will be observed also increase in prices. “At present, prices of the apartments in the suburbs of Riga are from 400 Eur/m2, while, for example, in Saulkrasti prices go up to 1000 Eur/m2 and more," comments Aigars Zarins, chairman of the real estate company BALSTS.

  nbsp In April of 2014 apartment price increases were observed of 0.25 – 1.79% % in most of the secondary market, as well in the center and new projects. 0.22% price drop were observed only in Bolderāja. For April BALSTS index increased by one point and reached 139 points.

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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