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Market report about situation on July 2017



REAL ESTATE VALUES CONTINUE TO RISE

In July, prices for standard apartments averaged EUR 752 per sq. m. The highest apartment price remained in Teika, where the average price is at 887 EUR/m2 position, but the lowest price still remained in Bolderaja – 535 EUR/m2. Price increases across Riga have been between 0.11% and 2.13% within the secondary market. Just Mezaparks, Bolderaja, Riga centre, and new build apartments have not shown a rise. The BALSTS index in July increased by one point and reached 176 points.

 

As average apartment prices have gone up since January by 5.73%, we can predict that this year overall will show an increase on the 2016 figure of 6.5%. This continuation of an upward trend is supported by the limited availability of apartments for sale. It is reported that more than one third of economically active residents of Latvia are considering the purchase of property in new projects, where supply certainly cannot meet such a demand. The largest growth of an average one square meter of an apartment on the housing estates in Riga since the beginning of 2017 was observed in Bolderaja (+10.08%), but the slowest apartment price growth was observed in Teika (+2,54%)”, comments the CEO of company BALSTS Aigars Zarins.

  The number of transactions in July, compared to June, decreased by 11%. This fall is due to the fact that August is vacation month in which market activity has a tendency to decrease.

In July rental apartment demand continues to exceed supply. For Riga centre, rental prices in new and in high quality renovated buildings 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. The prices for top-end, exclusive, properties in first class condition are between 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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