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Market report about situation on November 2014



REAL ESTATE MARKET IS IN CAUTIOUS POSITION

In November 2014 apartment price increases were observed of 0.31 – 1.09% in most of the secondary market, as well in the center and new projects. A minimal price drop - 0.22% was observed in Bolderaja. This month the BALSTS index increased by one point and reached 147 points. The number of real estate transactions continue to increase – compared with the previous month it has increased by 5%.

 

About real estate market growth can only be expected in the 1st quarter during the next year, because at the moment Europe is in an uncertain do position regarding the the geopolitical situation in the world and non-residents activity has decreased due to amendments in the Law of Immigration. Even local consumers are cautious in their activities due to the impending amendments to the Insolvency Law and the “dropped-off keys” principle which will enter into force at the beginning of next year”, comments the CEO of company BALSTS Aigars Zarins.

  Apartments in new projects are still in demand for local buyers. This demand applies both to fully furnished apartments and to those in she'll condition. An important consideration for potentional buyers are space for car parking. People wishing to purchase new apartments in the Riga suburbs are expecting to pay from the 1200 - 1850 EUR/m2. Average prices offered in the city centre are 1900 - 3900 euros/m2, but exclusive apartments are offered from 4000 - 6000 EUR / m2.

In recent years, investors interest about city center non-renovated properties has grown considerably. Growth has occurred in relation to the non-resident interest in getting temporary residence permit. But after amendments in the Law of Immigration, potential buyers faced with a serious problem - disproportionately high prices for properties in the Near center and Old Town of Riga. Owners of those non – renovated properties don’t have money for recontstruction, but their property sales prices are contrary to the economic situation.

Although space is available in new office complexes in the Riga suburbs are available free space, tenants are still interested in the opportunity to lease office space in the historic center of Riga. Customers are looking for spaces around 200 sq.m. If the plan and place is acceptable, than Class B offices are available for around 8-12 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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