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Market report about situation on August 2017



RENTAL APARTMENTS ARE OCCUPIED WITHIN FEW HOURS

As we approach the new school season, in August the demand for rental apartments has increased by 24%. The biggest interest is about quality 2-3 bedroom renovated apartments, new projects apartments and 1-bedroom apartments in the center, but offers are very limited.

 

In August, the greatest demand for rental apartments was noted in Dzirciems – near Riga Stradins University, but now there is an availability of only 1% of the total Riga rental housing supply. The price for which students want to find an apartment is around 250 EUR/month, but within this budget in most cases it is impossible to find apartments appropriate to their expectations, because suitable apartments in fact offered at an average 350 EUR/month, without utilities. In August, the rental market was very fast moving. A typical 2 bedroom suburban apartment in good condition at an acceptable rent ( €250-300 per month) is usually taken up and occupied within few hours”, explains the CEO of company BALSTS Aigars Zarins.

  The number of real estate transactions compared to the situation last year, increased by 20.2%. Potential buyers activity increased the fact that the average standard-type apartment prices are gradually increasing for a long time.

In this month Riga standard type apartments are offered for an average of 761 EUR/m2. The highest apartment price remained in Teika, where the average price is at 889 EUR/m2 position, but the lowest price remained in Bolderaja – 536 EUR/m2. Riga standard apartments price drop has not been observed, while a minimal price increases from 0.13 – 0.37% were observed in most of the secondary market and in the center. BALSTS index increased by one point and reached 177 points.

 

  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 7–12 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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