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Market report about situation on June 2015



THE NUMBER OF TRANSACTIONS INCREASED BY 5%

In June 2015 there were apartment price increases from 0.12 -0.45% in most of the secondary market, as well as in the center. Minimal price decreases from 0.14-0.37 % were observed in Vecmilgravis, Kengarags, Teika and new projects. This month the BALSTS index increased by one point and reached 151 points.

 

The average apartment price in the begining of summer is 660 EUR/m2. Most in demand are apartaments in 602nd series, Khrushchev series and Lithuanian design buildings with an area from 40-60m2. In Riga apartments secondary market in terms of number of concluded transactions is dominated by Kengarags and Purvciems. In 2015 each month there has been an average 400 transactions with secondary market apartments. Real estate transactions compared to the previous month increased by 5%. This increase reflects a market recovery after changes in temporary residence permit regulations. Also, that the issue of "dropped-off key" repossessions is now legally clarified. The market is beginning to recover and, as we previously mentioned, from September will be more dynamic and more predictable” comments the CEO of company BALSTS Aigars Zarins.

  In the second half there has been slightly increased activity in the house market, as well as in the market for residental development land. Buyers are primarily interested in modern high-quality homes in areas with good infrastructure and orderly surroundings, but such properties at affordable prices are limited. Demand is typically for houses with an area of 200-250m2, with 1000 to 1200 sq.m. of land.

Rent for summer houses in Jurmala this year is 50% cheaper than last year. A house in good condition and with good location last year was able to rent for 5000 euros/month. By contrast, in this year prestigious homes can be rented for half of that price. Significant price changes have not occurred only in the cheapest Jurmala housing segment, which includes the secondary market apartments and separate rooms in the home.

With regard to Riga office space, A class space is being offered for tenancy at 10 -15 euros per square meter, and in the most prestigious buildings up to 16-20 euros per month. Class B space is on offer at 5-10 euros per square meter per month, before service charges.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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