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Market report about situation on June 2014



LOCAL BUYERS TURN AWAY FROM NEW PROJECTS

“Prices of Riga new projects in 2014 increased by 5,1% and now reached an average 1360 EUR/m2. Last and this year price increase contributed to a decrease in local buyers interest. Consequently, more buyers have been looking at used apartments and houses. Local buyers are buying apartments for up to 100 000 EUR or above 200 000 EUR – which price level is usually for houses on Riga outskirts. The non-resident qualification until September 1st will go from EUR 150 000 to 200 000 EUR. In the first half of the year the number of applications for getting TRP permits increased by 43% and till the amendments to the Immigration Law this number will continue to grow. Tendency shows that investors are actively applying for residence permits not only for themselves, but also for all members of their family”, explains the CEO of company BALSTS Aigars Zarins.

 

In June 2014 apartment price increases were observed of 0.19 – 1.63% % in most of the secondary market, as well in the center and new projects. Price drop was not observed. For June BALSTS index increased by one point and reached 142 points.

  Good condition office spaces in Riga are becoming fewer and fewer. When tenants lease agreements expire, they prefer to stay in the same premises, even if rents have increased a bit. The main factor that could motivate for moving to new location is expansion of the company.

With regard to Riga office space, A class space is being offered for tenancy at 12 – 16 euros per square meter, and, in the most prestigious buildings, up to 16-19 euros per month. Class B space is on offer at 7 – 12 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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