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Report about market situation on February 2010

"THE ACTIVITY IN FEBRUARY COMES FROM BUYERS”

Series type apartments still are demanded in the real estate market.  The activities of  the buyers are in the high level.

          “The average price of series type apartments in neighborhood was 550 EUR per square meter in the February. That is 2 % more than in January 2009. Because of the information available in media, apartment owners have made their view that prices has grown a lot more than in reality. Consequently, they offer their property about prices, which is higher than real prices in the market. Therefore offer in the market decreases, what artificially continue to stimulate the growth of prices”, explains chairman of the Board Aigars Zariņš.

           “The offer of the rental apartments hasn’t decreased, but average rental prices in February have felt down a little. The average price for two-room apartment is 100 LVL in neighborhood, but for three-room apartment in good conditionis about 230 LVL  in silent center. Apartments which are offered in market, for “correctly” determined market price are rented out quickly", informs Aigars Zariņš.

            The sector of the private houses and land prices are still the same, but offer has decreased. Average price for standard land area with infrastructure is 15-20 EUR per square meter, private houses with full internal equipment and infrastructure average price is 150 000  EUR.

            “The Offer of the rental spaces still exceeds demand. Space owners are ready to give a discount for tenants and to offer rent fee holidays to 6 month. Increases  tenant’s interest to sign the beneficial tenancy contracts about convenient prices and chance to change location, setting the additional requirements, for example easy opportunities for drive up, additional parking places, canteen near by ect. Still more companies have started to engage these freely available trade areas from 100-250 per square meter in the center of the Riga and Old Riga”, reports Aigars Zariņš. Average rental price for offices in the center of Riga is 5–7 EUR per square meter, outside the center some office spaces is about 3-6 EUR per square meter.

           “The spring of the year 2010 characterizes with market stabilization, without sharp price drop our rise. A little price rising can be caused by lack of cheep apartments in few segments, but still activity from buyers hasn’t decreased. Buyers understand, that this is the best time, for purchasing themselves the desired residence or to invest free money resource”, forecasts Aigars Zariņš.

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