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Market report about situation on January 2015



THE NUMBER OF TRANSACTIONS DECREASED BY 26%

Real estate transactions, compared to January 2014 decreased by 22%, but compared with December 2014 decreased by 26%. There is an impact on the transaction decrease from many factors which lead to uncertainty.

 

„Firstly, many banks are using cautious lending policy in anticipation of the Insolvency Act amendments which reduces lending volumes. Secondly, there still is uncertainty about the issuance of residence permits. This lack of infomation has caused a large suspension of investments which has reduced the number of transactions. This reduction will lead to a 10-15% decline in prices for apartments in the center of Riga, Jurmala and in the new projects segment”, explains the CEO of company BALSTS Aigars Zarins.

  In the Riga apartments secondary market up to 70 000 euro a large reduction in the prices is not expected. In this part of the market still dominate local consumers with existing cash savings. The most expensive apartments in the secondary market remained in 119th series buildings, where the price of 2 - bedroom apartments ranged from 38 000 to 44 000 EUR. The cheapest apartments are in Lithuanian design buildings, where the price for 2 -bedroom apartments ranging from 20 000 to 31 000 euro, and also in the Khrushchev series buildings, where the price are for 2 - bedroom apartments ranged from 19 000 to 31 000 EUR, depending on location.

In January 2015 apartment price increases were observed from 0.44 – 1.44% in Zolitude and Agenskalns. A minimal price drop from 0.19-0.74% was observed in most of secondary market. This month the BALSTS index decreased by one point, reaching 146 points.

In the commercial market, the is still a decline in availability of modern office space, but commercial lease prices remain at the level of 2014. New commercial building projects are not expected, as developers are reluctant to start construction without the security of significant long-term prelease agreements. Also making developers cautious are certain government decisions, the impact of which will be clarified only in the next 6 months.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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