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Market report about situation on March 2016



REAL ESTATE TRANSACTIONS SHOW A STEADY INCREASE FOR THE THIRD MONTH

In March Riga standard type apartments are offered for an average of 676 EUR/m2. The highest apartment price remained in Teika, where the average price is at 812 EUR/m2 position, but the lowest price remained in Bolderaja – 467 EUR/m2. In Riga A minimal price decrease was observed only in Bolderaja – 0.21%. But a minimal price increases from 0.13 - 1.55% were observed in most of the secondary market, as well as in the center and new projects. BALSTS index in March increased by one point and reached 160 points.

 

„Real estate transactions in March, compared to March 2015, increased by 23%, but compared to February 2016 increased by 11%. Real estate market activity is high - the third month there has been a stable real estate transaction increase. Transaction growth can be explained by a minimal but stable increase in prices. Buyers are aware that prices will increase, and in the future there will not be the possibility to buy properties at the current price level. Also negative EURIBOR makes available funding from banks on favorable terms. Both of these factors stimulates people to buy and invest money in real estate” comments the CEO of company BALSTS Aigars Zarins.

  Local buyers atctivity in the new project apartment segment remained at the previous month's level. 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

Demand for house rentals in the suburbs of Riga or the former Riga region is stable, with potential tenants favouring Marupes, Babites, Garkalnes and Stopinu counties. For a new house in good condition, with an area of 200-250 m2, tenants are willing to pay 1,000 to 2,000 euros per month. But for high –quality flats in the suburbs of Riga monthly rental fee is around 400-700 euros per month.

 

Rental rates in shopping centres for spaces of 150-300 m2 in Riga is around 15-25 EUR/m2 to 100m2 30-55 EUR/m2. In Riga most popular shopping streets of commercial space rental rates are 20-40 EUR/m2, Old Town 20-50 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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