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Market report about situation on May 2016



INCREASED INTEREST IN NEW PROJECT APARTMENTS

Activity about the new project apartment segment, which is orientated to the local buyer, has slightly increased. This increase is based on more accessible lending from banks and as well as the fact that a new apartment purchase mortgage loan monthly fee is less than apartment rent. Potential buyers are mostly from the age of 30 years, with a stable income and they are looking for two-bedroom or three-bedroom apartments. More than a half of the customers who buy apartments in new projects use bank finance.

 

“A few years ago reservation of the apartments in buildings under construction was quite rare. But this spring there is an observed tendency for potential buyers to show an active interest in the projects at start-up phase, because many new projects developers offer the possibility to buy an apartment as much as 10% cheaper if the reservation is made during the project construction. A very important factor to potential buyers is car parking possibilities - parking spaces are offered from 7000 to 15,000 EUR per place. There are buyers seeking to acquire even two parking spaces, and developers are often forced to refuse, so that ensure each apartment at least one parking space” comments the CEO of company BALSTS Aigars Zarins.

  In May 2016 Riga standard type apartments are offered for an average of 695 EUR/m2. The highest apartment price remained in Teika, where the average price is at 831 EUR/m2 position, but the lowest price remained in Bolderaja – 478 EUR/m2. Riga standard apartments price drop has not been observed, while a minimal price increases from 0.06 - 1.43% were observed in most of the secondary market, as well as in the center. Real estate transactions in May, compared to May 2015, increased by 23%. BALSTS index increased by one point and reached 162 points.

Rental apartment demand continues to exceed supply. In new projects and capital reconstructed center buildings rental rates are close to 10 EUR/m2 per month. In partly repaired buildings apartment rental rates are close to 6.5 EUR/m2 per month, but in not repaired buildings – 5.5 EUR/m2 per month.

 

Customer activity in the segment of private houses continues to grow. We view the Adazi, Salaspils, and Bergu new build, economy, house market with optimism. More people are commuting to work in Riga from the surrounding regions. Within the Riga suburbs there is customer interest in price categories 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.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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