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Market report about situation on April 2015



DEMAND FOR RIGA CENTER APARTMENTS FELL BY 75%

The average apartment price in April increased to 657 EUR/m2. In March 2015 there were apartment price decreases from 0.14-0.62% in most of the secondary market, as well as in the center and new projects. Minimal price increases from 0.30-0.50% were observed in Teika, Pļavnieki and Imanta. The number of transactions remained at the March level. This month the BALSTS index increased by one point and reached 149 points.

 

„If we look at this year's trend- a gradual increase in prices, previously expressed concern about the decline in housing prices is not justified. The price change was observed only for the Riga city center apartments in the price range of 140 000 to 250 000 euros. These changes had the effect of reducing demand by 81% for this segment. Demand remains at the same levels for housing up to 100 000 euros and more than 250 000 euros”, explains the CEO of company BALSTS Aigars Zarins.

  In Riga centre most tenants are looking for 2 and 3 bedroom apartments, and are willing to payaround 350-600 EUR/month (without utilities). In the current market situation the suitable apartments supply is low, and, if such an apartments appear, then tenants are quickly found. Most such central apartments are now being offered at rental prices 20-25% higher than the real demand.

During the last year at the Riga District every day are concluded four to five transactions for private housing land purchase. In 2014 buyers activity increased by 15%, the same ratio and even with the growth trend is expected in 2015. This is a positive direction, because this real estate sector bank does not lend. Such activities increase means that there are an expected increase to local consumers purchasing power.

Rental rates for Riga Class A office are from 12-15 EUR/m2, in some cases reaching 20 EUR/m2. Class B office space can be rented for 8 - 9 EUR/m2, Class C office from 5-7 EUR/m2.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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