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Market report about situation in first quarter 2018



APARTMENT PRICES CONTINUE TO GO UP

After a significant growth in 2017, in the first quarter of 2018 apartment prices in Riga continue to increase, faster growth is expected in the new project segment.

 

In the first quarter of 2018, Riga standard type apartments price range has reached to 790 EUR/per sq. m and since the beginning of the year have increased by 2.24%. The highest apartment price remained in Teika, where the average price is at 934 EUR/m2 position, but the lowest price remained in Bolderaja – 562 EUR/m2. Despite the increase in prices, the number of transactions, compared to the first quarter of 2017, has decreased by 2.38%. The decrease is due to the insufficient supply of standard type apartments, as a result of which transaction activity is gradually moving towards the new project segment.

  "The increase in activity in the new project segment is also supported by an increase in wages and salaries. As well more actively being used state support programme for the first housing purchase created for young families with children and young specialists – ALTUM. Banks with various additional services and integrated offers also find ways how to attract customers. A significant factor for greater market activity is the increase in the supply of newly-built project apartments - the market is complemented by local demand orientated projects. The average apartment price in the new projects in the Riga is currently on average 1401 EUR/m2, we expect it to grow by at least 8% in 2018", comments the CEO of company BALSTS Aigars Zarins.

The rental market activity in Riga in the first quarter of 2018 was also quite high. Greater demand has gone up in the economical segment. Rental apartaments yield in housing estates of Riga is higher than in Riga centre. The rental rates of new project apartment buildings are from 400 – 700 EUR/per sq. m. The highest limit of price correspond to very good quality apartments with high quality finishing. Simple standard apartments from 250 to 350 EUR/per sq. m, but a good quality standard apartment with repairs carried out over the last 10 years, rental range is from 350- 450 EUR/per month. The highest demand for rental apartments is observed in housing estates closer to center of Riga - Purvciems, Pļavnieki, Imanta and Āgenskalns. Āgenskalns, in particular, due to its central position, and the quantity of new development, has become increasingly more expensive in recent years.

 

With regard to Riga office space, in the first quarter of 2018, A class space is being offered for tenancy at 13–16 EUR/per sq. m per month, and, in the most prestigious buildings, up to 16-20 EUR/per sq. m per month. Class B space is on offer at 9–12 EUR/per sq. m per month, before service charges.

 

 

 

Plašāku informāciju iegūsiet:

BALSTS, Lāčplēša iela 41,

Tālr.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

  

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