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Company’s BALSTS observations in july showed that the real estate market has picked up – people are looking for properties for their own use and investment purposes. Basically, customers are locals.

"Overall, the real estate prices in July remained unchanged, and sometimes there is even a price decline - the owners reduced the price of the property to sell it faster. This trend is explained by concerns about the sharp rise in gas prices in autumn, which would contribute a sharp drop in real iestate market.


Media reports that a foreign buyers’ activity in the last month rapidly increased and they are "standing in the ranks for our properties" as a result, some sellers hoping for a huge profit, set huge price for their properties. However, if you look at the real statistics of deals, it shows that foreign activity is the same as before," the situation in the real estate market in July evaluates the company BALSTS leader Aigars Zarins.


"The average price of flats has remained constant, for appartments in residential districts it is 600 Eur per sq.m., for apartments in the center of Riga it is 1000 Eur per sq.m. In residental districts noticeably increased interest in new projects, there are deals in new projects with fully decorated appatments in prices to 100 000 Eur. In the center the biggest demand is for two room apartments with good, quality repair, but the housing supply is still less than demand. The market is active, mostly customers are Latvian citizens who purchase property for their own use or for investment.


In the rental market became active demand for houses in Jurmala, the most wanted are houses with an average rental price of 1,000 Eur per month. This is due to seasonality. Durind action, "New Wave" for the best houses were offered to 20 000 EUR per week. It is a normal phenomenon in other European resort towns too during various major events. In Riga the biggest demand is for the two room apartments up to 150 Ls per month and three room apartments up to 200 Ls per month. These prices do not accord with realities - the average rental price for two room apartments in the center is 200 Ls per month, for three room apartments 250 Ls per month. Larger activity shows up form local and foreign students," reports Aigars Zarins.


"Customer activity has not decreased at the commercial segment too, it has even slightly increased. Prices for commercial areas remained unchanged. The request is for commercial areas with large windows on the ground floors in places with an active pedestrian flow at 40 to 100 sq.m. for cafe and shop space needs. Customers are most interested in the center of Riga, Oldtown. The average price for these items range from 7 to 12 Eur per sq.m. Big demand is for storages with built-in offices. Customers are interested in warehouses from 500 to 1000 sq.m. and offices from 50 to 100 sq.m. Manufacturing and warehouse space average price is 1.5 - 3 Eur per sq.m. for spaces without heating and 2 - 4 Eur per sq.m. for spaces with heating, " about commercial market informs the CEO of the company Aigars Zarins.


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