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Market report about situation on June 2016



THE HIGHEST PRICE INCREASE IN THE LAST 5 YEARS

In June, in the Riga real estate market continued to grow at a steady rate, and has been continuing to go up now for several months. The number of transactions in June, compared to June 2015 is 13% higher. An average apartment price increase from the beginning of the year increased by 3.5%, which is 5 times higher than at the same period last year. We expect that the standard-type apartment price growth this year will be the highest in the last 5 years. At present, the largest part of the market is still dominated by local consumers - this is a positive signal to a predictable long-term market development. Growth can be also contributed by a stable economic, political and demographical situation,” comments the CEO of company BALSTS Aigars Zarins.

 

In June 2016 Riga standard type apartments are offered for an average of 696 EUR/m2. The highest apartment price remained in Teika, where the average price is at 839 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 0.07 – 1.57% were observed in most of the secondary market, as well as in the center and new projects. BALSTS index increased by one point and reached 163 points.

  This standard type apartments price increase will stimulate demand for new projects, which could also contribute market development. The most buyers now are interested in new project apartments with an area of 70 to 80 square meters for a price around EUR 100 000.

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.

 

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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