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Market report about situation on August 2016



EXISTING OFFER IS INSUFFICIENT

As we approach the new school season, in August the demand for rental apartments has increased by 22%. The biggest interest is about quality 2-3 bedroom renovated apartments, new projects apartments and 1-bedroom apartments in the center, but high quality offers are very limited.

 

In August, the greatest demand for rental apartments was noted in Dzirciems – near Riga Stradins University, but now there is an availability of only 1% of the total Riga rental housing supply. Foreign students budget for apartment rent are usually around 250-300 EUR/month, but within this budget in most cases it is impossible to find apartments appropriate to their expectations. Suitable apartments in fact offers on average 350 EUR/month, without utilities. In August, the rental market was very fast moving. A typical 2 bedroom suburban apartment in good condition at an acceptable rent ( €250-300 per month) is usually taken up and occupied in 2 or 3 days”, explains the CEO of company BALSTS Aigars Zarins.

  The number of real estate transactions compared to the situation last year, increased by 4.33% and maintains a stable growth trend. In this month Riga standard type apartments are offered for an average of 702 EUR/m2. The highest apartment price remained in Teika, where the average price is at 849 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 0.12 – 0.96% were observed in most of the secondary market and in the center. BALSTS index increased by one point and reached 165 points.

In August 2016 office vacancy rate for quality premises continued to decline. In the very near future this situation is expected to improve - there are in development a number of new and expanded existing office centers. 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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