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Market report about situation on January 2016



THE REAL ESTATE MARKET FOR STANDARD APARTMENTS IN RIGA IS UNIMPRESSIVE

In January Riga standard type apartments are offered for an average of 671 EUR/m2. The highest apartment price remained in Teika, where the average price is at 802 EUR/m2 position, but the lowest price remained in Bolderaja – 468 EUR/m2. In Riga there were apartment price dencreases from 0.15 - 0.28% in Mezciems, Vecmilgravis, Kengarags and Zolitude. A minimal price increases from 0.07 - 1.01% were observed in most of the secondary market, as well as in new projects. BALSTS index in January increased by one point and reached 158 points.

 

”The market for standard apartments in Riga is unimpressive. Offers in January are the lowest in the last 3 years - about 18% less compared to last year's statistics. A part of the potential sellers apartments are now removed from active trading and rented at the "winter" season in order to reduce the costs to the utility bill. The total number of real estate offers is expected to increase only in the spring months. The largest real estate supply reduction is found at Agenskalns where standard apartment supply decreased by almost one third, but prices have risen by 3.2%”, comments the CEO of company BALSTS Aigars Zarins.

  In January real estate transactions compared to December 2015 decreased by 25%. Also, total transactions in the Riga region decreased by as much as 30%. The significant drop in the number of transactions can be explained by an unusually large number of sales in December 2015 (1,317 transactions). Statistics disprove the assumption that the most active real estate market is only in spring and autumn periods. Based on international experience we conclude that December is one of the most active months. Even if we look at the observed decline in the number of transactions, the number of real estate market transactions at the beginning of 2016 increased even by 12% compared to the situation last year.

January activity within the 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, with rent which does not exceed 600 euros / month.

 

The Riga office space market in January still remains active. Rent for Class B office segment remained stable from 5-8 EUR/m2. The vacancy rate in Class B offices currently is from 5-6%. An average rate for property management is from 0.95 - 3.5 EUR/m2. The highest demand is for small and medium sized Class B offices from 30-100m2 in the city center or in the quiet center with average price up to 8 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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