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Market report about situation on February 2016



REAL ESTATE TRANSACTIONS INCREASED BY 14,4%

In February 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 803 EUR/m2 position, but the lowest price remained in Bolderaja – 468 EUR/m2. In Riga there were apartment price decreases 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 February increased by one point and reached 159 points.

 

Real estate transactions compared to the previous month increased by 14.4%. It is expected that at 2016 the real estate market will be stable, but there should be some movement to growth direction, following the “National support program for the purchase of housing for families with children” as well as the fact that the average wage rate gradually continues to increase. If the Latvian economical situation remains at present level, if there is no surprise legislation, than it is expected that Riga real estate market situations results at 2016 will be even higher than in the 2015”, comments the CEO of company BALSTS Aigars Zarins.

  Local buyers activity at the new project apartment segment remained at the previous month's level. But prices did decrease by 0.07%. New projects apartments in the suburbs of Riga are currently available on average from 1000 to 1750 EUR/m2, in the center of Riga from 1450 to 3800 EUR/m2. Price for exclusive properties with very good technical condition are from 2500 to 4000 EUR/m2.

Customer activity in the segment of private houses continues to grow. We look quite optimistic to the Adazi, Salaspils and Bergu new economy class private house market, cause people more often are going to work in Riga from the regions. At Riga suburbs customers are interested in houses with price category up to 150 000 euros. Buyers interest in private houses increased as well as in Ikskile and Ogre, where customers are looking for houses with good infrastructure at prices ranging from 40,000 to 65,000 euros.

 

Riga office space market in February still remains active. Rental rate remained at the previous month's level - rent for Class A office segment remained stable from 10-15 EUR/m2. The highest rental rate for Class A office space is 16 EUR/m2. But rent at class B offices is from 7-11 EUR/m2. An average rate for property management at class A and B class premises is from 0.95 - 4.5 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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