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Market report about situation on July 2014



NEW PROJECTS DOWN TO 27.04% OF RIGA PROPERTY ON OFFER

The city center new projects apartment and fully renovated building average price per square meter in the first half, compared with the last year first half increased by 9.2%. In contrast, new housing estates of Riga suburbs average price of apartments in the same time period increased by 6.5%. The lowest price level recorded in the Old City - 1.2%, where housing prices moved closer to pre-crisis level. This relatively small increase in prices is due to the fact that the Old City is transformed into a historical, cultural and entertainment center, while buyers are interested in a more relaxing living environment with good infrastructure, including car parking zone.

 

"Of all Riga apartments for sale, those which are in new projects comprise only 27.04%. In recent years, in Riga, most of the growth in demand amongst residents has been for recently constructed and new housing. Within this segment there may now be a price correction, which could be connected to the anticipated increase in resident permit qualifying threshold, this autumn. Although more apartment buildings for local buyers have been constructed, there is still insufficient supply within the economy housing sector,"comments the CEO of company BALSTS Aigars Zarins.

  In July 2014 apartment price increases were observed of 0.12 – 1.78% % in most of the secondary market, as well in the center and new projects. 0.13 - 0.37% price drop were observed in Bolderāja and Mezaparks. For July BALSTS index increased by one point and reached 143 points.

Riga office space market during the last year developed more slowly and become more predictable. Office buildings tenant turnover is significantly reduced compared to previous years. The level of free space has reached its lowest point in the post-crisis period, and now in Riga Class A and B office space available is just over 10% of the total.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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