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Market report about situation on April 2017



THE NUMBER OF TRANSACTIONS GOES DOWN BUT PRICES GROW

In April, as in March,there was again an increase in real estate prices, ranging from 0.12% in Teika, to 0.71% for the faster growing Purvciems area. In the city centre, and for new projects, prices remain unchanged, month on month. The average price Riga-wide is now approaching €726 per sq. m. Although there are exceptions, there is now an almost equal average price level for Purvciems and Imanta, respectively €766 and €765 per sq. m As in the table above, the situation remains that the leading region is Teika, with an average price of€868. The lowest average price continues to be Bolderja - €494.Balsts index increased by 1 point - 173 points.

 

Albeit government information is that the Latvian economy is showing lively growth; and that the banks are reporting a rapid increase in credit volume, the property market is unstable. The early months of 2017 have shown fluctuation and unpredictability.Although in the first quarter the number of transactions has shown growth, the second is started with a fall of 13.7% compared to the same period last year. Traditionally, they are connected with the inability to save up for a down payment, a small area of housing due to lack of new projects, and of course, we can not ignore our population decline. The number of transactions affected by growing rental demand, because people want to be mobile and often can not afford to buy a home where the late, but can not afford to rent, "commented the company's Chairman of the Board BALSTS Aigars Zariņš.

  Rental apartaments yield in housing estates of Riga is higher than in Riga centre. The rental rates of new project apartment buildings are 400 – 700 € per month. The highest limit of price correspond to very good quality apartments with high quality finishing. Simple standard apartments from 200 to 300 € per month, but a good quality standard apartment with repairs carried out over the last 10 years, rental range is from 350- 450 € per month. The highest demand for rental apartments is observed in housing estates closer to center of Riga - Purvciems, Pļavnieki, Imanta and Āgenskalns. Agenskalns, in particular, due to its central position, and the quantity of new development, has become increasingly more expensive in recent years.

Average apartment price in new project building or in a newly built block of flats at housing estates of Riga is approximately 1400 €/m2. New project prices in regions of Latvia is close to standard apartment prices in Riga.

 

  Rental rate for rooms with an area of 150-300 m2 remained unchanged, Riga shopping centers - 15-25 €/m2, up to 100m2 - 30-55 €/m2. Old Town 20-50 €/m2. In Riga's most popular shopping streets commercial space rental rates are 20-40 €/m2

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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