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Market report about situation on November 2016



REAL ESTATE TRANSACTIONS INCREASED BY 12,88%

Despite the unstable economical and political situation in the country, the real estate market in November is still active - the number of transactions continues to show steady growth as well as the average apartment price continuing gradually upward. In this month, the average standard apartment price per square meter increased by 0.7%.

 

“The total number of transactions from January 2016 until the end of November, compared to the situation last year increased by 12.88%. Also, the average price index from the beginning of 2016 increased by 6.8%, which is a precondition for further market development. But now in Latvia is quite unpredictable political situation, which creates instability to the economical and demographical environment. For example, from the beginning of next year into force will come amendments to the Micro-enterprise Tax Law and social contributions of micro-enterprises will be obligatory - which are likely to encourage a movement away from Latvia, both for companies and for people. This may negatively affect the real estate market development. If next year the economical, political and demographical situation would not have significantly improved, then the average increase in prices in the 2017 will not exceed this year's growth rate - 6 - 7% per year”, predicts the CEO of company BALSTS Aigars Zarins.

  Local buyers atctivity at the new project apartment segment remained at the previous month's level. New projects apartments in the suburbs of Riga are currently available on average from 1000 to 1750 EUR/m2, in the center of Riga from 1450 to 3800 EUR/m2. Price for exclusive properties with very good technical condition are from 2500 to 4000 EUR/m2. Potential buyers are mainly interested in small fully finished 2-3-bedroom apartments.

In this month, the average standard apartment price per square meter increased by 0.7%. If prices do increase in December, then the predicted apartments price increase at the beginning of 2016, which was 7%, would not be so far from the actual. The highest apartment price remained in Teika, where the average price is at the 859 EUR/m2 position, but the lowest price remained in Bolderaja – 484 EUR/m2. Riga standard apartments price drop has not been observed, while a minimal price increases from 0.26 – 0.97% were observed in most of the secondary market and in the center. BALSTS index increased by one point and reached 168 points.

Demand for high quality rental apartments in the center of Riga still exceeds supply. This allows rental rates to hold at the current level and even increase slightly at 5 -10%. At the moment the most demanded are 2 or 3 bedroom apartments with average price from 5-7 EUR/m2, while in the center from 7-12 EUR/m2.

 

Riga office space market in November still remains active. Rent for Class B office segment remained stable from 5-10 EUR/m2. The vacancy rate in Class B offices currently is from 4-5%. An average rate for property management is from 0.95 - 3.5 EUR/m2. The highest demand is for small and medium sized Class B offices from 30-100m2 in the city center or in the quiet center with average price up to 8 EUR/m2.

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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