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Market report about situation on August 2015



SALES VOLUME IN 2015 IS STILL SIGNIFICANTLY LOWER THAN IN 2014

In August 2015 there were apartment price increases from 0.06 -0.92% in most of the secondary market, as well as in the center and new projects. Minimal price decreases from 0.37-0.88 % were observed in Vecmilgravis, Mezciems and Jugla. This month the BALSTS index increased by one point and reached 153 points.

 

Apartment prices since the beginning of 2015, increased by 1.5%, while sales volume is still significantly lower than in 2014. The total number of transactions in Riga compared to August 2014, decreased by 26%. This reduction is the result of a decrease of non-residents interest in the purchase of apartments in Riga. The real estate market is now gradually adapting to local buyers, and currently the market is showing price adjustments in the segment above 100 000 EUR. But local consumers still have limited financing options from banks, and price adjustments have not yet reached the appropriate level for potential demand,” comments the CEO of company BALSTS Aigars Zarins.

  Quite high demand for rental apartments has raised investor interest in older house properties, which can be renovated - each with preferably from 8 to 10 apartments. After the purchase and renovation of those buildings they begin to function as tenements. 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 Pārdaugava within well maintained houses. For such apartments students are willing to pay around 700 euros per month.

In August 2015 office vacancy rate for quality premises continued to decline. In the very near future this situation is expected to improve - there are in development a number of new and expanded existing office centers. 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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