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Market report about situation on February 2015



WAITING FOR THE PRICE DROP PEOPLE ARE NOT IN A HURRY TO BUY REAL ESTATE

In February 2015 there were apartment price decreases from 0.13-0.72% in Teika, Purvciems, Plavnieki and Mezciems. Minimal price increases from 0.15-0.74% were observed in Jugla, Mezciems, Vecmilgravis, Kengarags and in the center. This month the BALSTS index remains unchanged at 147 points.

 

“Potential buyer activity this month is quite high, but people are not in a hurry to buy real estate. The buyer's opinion and the market situation is influenced by many geopolitical, economic factors and government decisions - with the result that money in real estate is invested with more caution. Buyers are currently exploring the market and waiting for defined market trends to appear. Market development could be influenced by the Insolvency Act amendments that entered into force on 1 March - these could encourage lending”, comments the CEO of company BALSTS Aigars Zarins.

  In the Riga apartments secondary market up to 70 000 euro a large reduction in prices is not expected. This part of the market is still dominated by local consumers with existing cash savings. Minimal price reductions are expected only for properties that are not geared to local buyers – locating in the center of Riga, Jurmala and within the new projects segment.

February within activity at Riga City apartment rental segment was quite high. Demand growth was mainly provided by local and foreign students who are seeking accommodation suitable for their requirements. 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 Pardaugavam and in well maintained houses. For such apartments students are willing to pay around 700 euros per month.

With regard to Riga office space, A class space is being offered for tenancy at 12 – 16 Euros per square meter, and, in the most prestigious buildings, up to 16-19 Euros per month. Class B space is on offer at 8,00 – 12,00 Euros per square meter per month, before service charges. The greatest demand is for premises of an area less than 200 sq.m.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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