Good for Business, Latvia, Legislation, Real Estate

Stability is expected on the real estate market this year. State support programs for families with children looking for a home to buy, and the fact that the average wage is continuing to grow are to foster development of the market. If Latvia's economic growth indexes remain at the current level, if there are no unexpected tax changes or unforeseen amendments endorsed by Saeima, the number of property deals in Riga this year could be higher even than in 2015, said Zarins.

In February, soviet-era apartments cost EUR 671 per square meter on the average. The highest prices were recorded in Teika neighborhood – EUR 803 per square meter, and the lowest in Bolderaja – EUR 468 per square meter. Apartment prices reduced 0.15% to 0.28% in Mezciems, Vecmilgravis, Kengarags, and Zolitude neighborhoods, while prices in other neighborhoods rose minimally, 0.07% to 1.01%.

Apartment prices for new apartment buildings decreased 0.07% in February, and the average price currently stands at EUR 1,000 to EUR 1,750 per square meter, and up to EUR 1,450 to EUR 3,800 per square meter in the center of the city.

Interest in private homes in Riga has also been rising. In Greater Riga Region, potential buyers are mostly interested in homes that cost up to EUR 150,000. Interest in private homes in Ikskile and Ogre has also increased, with potential buyers ready to pay EUR 40,000 to EUR 65,000 for a private home, commented Zarins.

Office space rent has remained largely unchanged from January, ranging from EUR 10 to EUR 15 per square meter in Class A office space to EUR 7 to EUR 11 for Class B office space.