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Market report about situation on February 2017



THE REAL ESTATE MARKET MAINTAINS STABILITY AT ITS FAMILIAR LEVEL

In February prices for Riga standard type apartments remained stable and only in some suburbs of Riga it has there been a minimal increase of 0.12%. The highest apartment price remained in Teika, where the average price is at 866 EUR/m2 position, but the lowest price still remained in Bolderaja – 486 EUR/m2. The highest increase of price was observed in Imanta for 0.53%. BALSTS index in February increased by one point and reached 171 points.

 

„The real estate market continues to be stable, though there is an undersupply of apartments on offer. While there is demand that is not satisfied, that should promote increase of prices. Price increases should then be underpinned by the limited of apartments on offer, together with the fact that more than one third of economically active residents of Latvia are thinking about obtaining apartments in new projects where offer remains to be lower than demand. It is likely to be a year before there is an increase of supply to compensate for this level of demand. The situation leads to price increases in the secondary market as well as the new project apartment segment”, comments the CEO of company BALSTS Aigars Zarins.

  Demand for house rentals in the suburbs of Riga or the former Riga region is stable, with potential tenants favoring Marupes, Babites, Garkalnes and Stopinu counties. For a new house in good condition, with an area of 200-250 m2, tenants are willing to pay 1,000 to 2,000 Euros per month. But for high –quality flats in the suburbs of Riga monthly rental fee is around 400-750 Euros per month.

The relative numbers of local buyers within the new project apartment segment remained at the previous month's level. Prices in February remained 1400 EUR/m2. 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 2400 to 4000 EUR/m2.

 

  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 16-19 Euros per month. Class B space is on offer at 7,00–12,00 Euros per square meter per month, before service charges. The greatest demand is for premises of an area less than 200 sq.m.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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