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Market report about situation on January 2017



NUMBER OF TRANSACTIONS IN RIGA ARE „MELTING” TOGETHER WITH THE SNOW

All the beginning of this year Riga standard type apartments price range has minimally increased. The highest apartment price remained in Teika, where the average price is at 868 EUR/m2 position, but the lowest price still remained in Bolderaja – 486 EUR/m2. BALSTS index increased by one point and reached 170 points.

 

„The total number of transactions, compared to the situation to January 2016 decreased by 23%. The significant drop in the number of transactions can be explained by an unusually large number of sales in December 2016 (1,447 transactions) and decreasing of demand in January 2017 comparing to December 2016. The real estates market has become less active. January shows that standard type apartment prices in Riga slowly are increasing – this month by 22%”, comments the CEO of company BALSTS Aigars Zarins.

  Demand for high quality rental apartments in the center of Riga in January is minimally exceeding supply compared to December 2016. The highest offer of rental apartaments was in Purvciems, but the lowest were in Vecmilgravis and Bolderaja, where are the lowest prices as well. The current situation shows rental rates have increased slightly, by 3%. At the moment the most demanded are 2 or 3 bedroom apartments with average price from 5-8 EUR/m2, which in the center are from 7-12 EUR/m2.

Demand for rental apartments was mainly provided by foreign students who are seeking accommodation suitable for their requirements. In the rental market there has been an observed trend that younger people are most interested in 2-3 bedroom apartments in the city center.

 

  Rent for Class B office segment remained stable from 7-10 EUR/m2. The vacancy rate in Class B offices currently is from 5-7%. 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 centre" area 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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