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Market report about situation on September 2014



THE NUMBER OF TRANSACTIONS DECREASED BY 32%

In September prices within the of Riga apartment market continued to rise. Compared to previous years when the average price for Riga apartments was characterised by upward and downward fluctuations– this year price continued to rise all year. 635 Eur/m2 – this could be the prices index at the end of 2014. This would show an increase of 5% more, compared to the end of 2013.

 

In September 2014 apartment price increases were observed of 0.13 – 1.21% in most of the secondary market, as well in the center and new projects. 0.15-0.49% price drop were observed in Teika and Ziepniekkalns. This month the BALSTS index increased by one point and reached 145 points.

  „It is expected that in the 3rd quarter of 2014, there will be different price movements. Prices are expected to fall where they have been above 142,300 EUR. Otherwise, the local demand and supply will never meet. Local buyers are most interested in apartments with the price not greater than 100 000 EUR. But new projects in Riga city centre and apartments in renovated houses, will be more interesting to non-residents. In September the number of transactions decreased by 32%, this is due to the decline in non-residents activities,” comments the CEO of company BALSTS Aigars Zarins.

Year over year in the early autumnapartment owners have asked a higher price for rental apartments. The highest rental rates are currently in the Old Town. The average price is from 12 to 13 EUR/m2 per month (without utilities). About the similar quality apartments near the center are offered at rental rated between 6-10 EUR/m2. Good quality houses for renting in Riga are offered from price 1000 – 1500 Eur per month.

For the second half of 2014 there has been a big demand for retail space in the old town and and in the commercially active center. 4 years ago there was a vacancy rate of 25-30%. At this moment in the most popular shopping streets vacancy rates has reached a total amount of 10%. Now A and B office space in Riga in total amount is 580 000 square meters. Rental rates in the suburbs of Riga are from 4-15 euros/m2.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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