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Market report about situation on July 2016



SUPPLY DECREASES – PRICES INCREASE

The market for standard apartments in Riga is unimpressive. Offers in July 2016 compared to previous month statistics are 10,3% lower. But compared to July 2015, real estate offers are even 27% lower, which is the lowest point in the last 3 years.

 

One of the explanations for this decrease is a decline in the numbers of standard apartments put on the market by the banks. That means that there are fewer offers at the lower end of market value. Now apartments on offer consist largely of individual sellers offers and investment properties, where individuals have purchased and renovated apartments for sale.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%.

  In July 2016 Riga standard type apartments are offered for an average of 699 EUR/m2. The highest apartment price remained in Teika, where the average price is at 844 EUR/m2 position, but the lowest price remained in Bolderaja – 480 EUR/m2. Riga standard apartments price drop has not been observed, while a minimal price increases from 0.06 – 0.84% 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 164 points.

Demand for rental apartments in the center of Riga still exceeds supply. This allows the rental rate to hold at the current level and even increase slightly. Apartments in the center of the capital city are offered from 5-8 EUR/m2. If the apartment is located in the historical center and with very good technical condition, then from 10-13 EUR/m2. Exclusive apartments are offered from 20 EUR/m2. Foreign students renting one-bedroom apartments are paying an average 350 EUR per month and two-bedroom - 500 EUR per month.

 

With regard to Riga office space, A class space is being offered for tenancy at 12 -16 euros per square meter, and in the most prestigious buildings up to 16-20 euros per month. Class B space is on offer at 8-12 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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