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Market report about situation on October 2014



AT IMANTA IS THE HIGHEST APARTMENT PRICE GROWTH

In October 2014 apartment price increases were observed of 0.13 – 1.19% in most of the secondary market, as well in the center and new projects. A minimal price drop from 0.15-0.79% was observed in Ziepniekkalns, Teika, Purvciems, Plavnieki and Vecmilgravis. This month the BALSTS index increased by one point and reached 146 points.

 

At 2014 in Imanta, Kengarags and Agenskalns is the highest apartment price growth. During the period from January to October, apartment prices in Imanta rose by 7.2%, in Kengarags - by 7.0%, but in Agenskalns - by 6.4%. It is associated with a significant good technical condition offer decrease. In early autumn the highest apartment price were fixed at Teika (810 euros / m2), while the lowest fixed at Bolderaja (459 euros / m2). One bedroom apartments in normal condition in popular suburbs of Riga can be bought from 23 -35 thousand euros, a 2-bedroom apartment for 30 to 40 thousand, 3-bedroom apartment for 35-50 thousand euros, four-bedroom apartment - from 40 to 56 thousand euros.

  "At the moment market for suburban apartments has no appeal for from non-residents, who are interested in the temporary residence permit purchase. In addition, the real estate opportunities whose value exceed € 250 000, are almost unavailable at suburbs. Since the 1st of September, there have been only 4 transactionsabove the new residency qualifying price. While the total number of transactions compared to October last year, decreased by 10.6%”, comments the CEO of company BALSTS Aigars Zarins.

Quite high demand for rental apartments increased investor interest about the old house properties, which can be renovated - each with preferably from 8 to 10 apartments. After the purchase and renovation of those buildings they begin to function as tenements. In the rental market there has been an observed trend that younger people are most interested in 3 - bedroom apartments in the city center or Pārdaugava at well maintained houses. For such apartments students are willing to pay around 700 euros 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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