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"The moderate growth continues since 2010. Last year it was a bit steeper as we predicted a 5% growth," said Laukalejs.

Last year prices rose in all Riga suburbs with the highest growth in Imanta (10%), and lowest growth in Bolderaja (4.1%).

At the end of 2016 compared to June 2007 when the highest average price per square meter was recorded (EUR 1,620) prices were by 56.5% lower, and compared to the lowest price level in September 2009 (EUR 487), the prices were by 44.7% higher.

The highest apartment prices were recorded in the suburb of Teika where the average price of a square meter rose to EUR 864, while the cheapest apartments could be bought in Bolderaja where the average price of standard-design apartments was EUR 486.

Laukalejs said that the main reason for rise of prices is a significant reduction in supply of apartments and increase in loan availability. He also said that last year 5,288 transactions with standard-design apartments were registered in Riga, growing by 5.7% from 2015.