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Market report about situation on March 2017



THE FIRST QUARTER SHOWS POSITIVE INDICATORS

In March Riga standard type apartments are offered for an average of 723 EUR/m2. The highest apartment price remained in Teika, where the average price is at 867 EUR/m2 position, but the lowest price still remained in Bolderaja – 491 EUR/m2. In Riga standard type apartments price increases from 0.11 - 1.03% were observed in most of the secondary market, only in the center and new projects prices are steady. BALSTS index in March increased by one point and reached 172 points.

 

„ In the first quarter of 2017 there were substantial changes in the numbers of transactions, in both directions. From rapid growth in January (19.9%), to a fall in February (-11.2%), and then again growth in March.it has been grown again. Comparing to the same period as last year, the first quarter of this year is showing growth of transactions for 2.23%. This suggests that there is a generally positive outlook on the future, together with more available bank finance. Also in October 2016 given funding provided by the program ALTUM has positively affected the number of transactions, this funding could continue until May 2017”, comments the CEO of company BALSTS Aigars Zarins.

  In March rental apartment demand continues to exceed supply. In new projects and capital reconstructed center buildings rental rates are close to 10 EUR/m2 per month. In partly repaired buildings apartment rental rates are close to 6.5 EUR/m2 per month, but in not repaired buildings – 5.5 EUR/m2 per month. The highest demand has been in Purvciems, Plavnieki and Kengarags, but the lowest – in Bolderaja.

Local buyers activity in 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 1500 to 3900 EUR/m2. Price for exclusive properties with very good technical condition are from 2600 to 4000 EUR/m2.

 

  Rental rates in shopping centres for spaces of 150-300 m2 in Riga is around 15-25 EUR/m2 to 100m2 30-55 EUR/m2. In Riga most popular shopping streets of commercial space rental rates are 20-40 EUR/m2, Old Town 20-50 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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