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Market report about situation on September 2016



REAL ESTATE MARKET SITUATION IN LONG TERM IS LIKELY TO LEAD TO RAPID PRICE INCREASE

Average apartment prices in 2016 first three quarters increased by 5.3%. In 2016 prices increased because of significantly low level of apartment supply, which continues to decline. In September, the properties on offer decreased in almost all major districts of Riga. Most significantly supply decreased in Pļavnieki (-14.2%).

 

“The current market situation shows a shortage of apartments on offer within 119th and 104th series buildings in the price range from 750 – 800 EUR/m2. One of the key factors that affects supply is the slow pace of new projects construction. The real estate market is not appropriate for that category of customers who are waiting for new housing supply and do not want to live in standard-type apartments. This situation and the growing demand in the long term is likely to lead to rapid price increase of standard-type apartments. The average price for apartments at the most expensive and the cheapest suburbs of Riga - Teika and Bolderaja, has a price difference of more than 40%. Such a price difference also applies depending on the building series. Average square meter price for 119th and 104th series buildings is about 40-50% higher than in the Khrushchev-time buildings square meter price”, explains the CEO of company BALSTS Aigars Zarins.

  During the first three quarters the highest price increase was observed for apartments in Zolitude (+ 8%). But the lowest price increase since the beginning of this year was observed in Bolderaja (+ 2.8%). In this month Riga standard type apartments price range has reached 707 EUR/m2. The highest apartment price remained in Teika, where the average price is at 853 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 0.13 – 0.96% were observed in most of the secondary market and in the center. BALSTS index increased by one point and reached 166 points.

Customers activity in the house market remained unchanged. Buyers are primarily interested in modern high-quality houses in areas with good infrastructure and orderly surroundings, but such properties at affordable prices are limited. Demand is typically for houses with an area of 200-250m2, with 1000 to 1200 sq.m. of land.

 

  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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