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Market report about situation on May 2014



75% OF THE TRANSACTIONS ARE FOR STANDARD-TYPE APARTMENTS

„Last year, new projects prices have risen by 10% and now reached an average 1,352 euro/m2. But looking past average price, the actual price range is quite wider. For example, standard apartment average price of approximately 45% above the new projects apartment average price. In the Riga market there is a lack of quality supply, which is not of these segments. When people assess their own financial position and the options, a significant section returns to the standart apartment market. Thus in Riga standart apartments are still the most popular real estate transactions, and compromise about 75% of the monthly total”, comments the CEO of company BALSTS Aigars Zarins.

 

In May 2014 apartment price increases were observed of 0.12 – 1.38% % in most of the secondary market, as well in the center and new projects. 0..19 - 0.22% price drop were observed in Bolderāja and VEcmilgaravis. For May BALSTS index increased by one point and reached 141 points.

  In the second quarter, approaching the construction season, there has been slightly increased activity in the house market, as well as in the market for residental development land. Buyers are primarily interested in modern high-quality homes in areas with good infrastructure and orderly surroundings, but such properties at affordable prices are limited. Demand is typically for houses with an area of 200-250m2, with 1000 to 1200 sq.m. of land.

Since 2012 vacant Class A office space ratio decreased from 10% to 3%. 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 four quarters 12 to 15 Eur/m2. Class B office rent from 8-11 Eur/m2.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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