Good for Business, Investments, Latvia, Real Estate

In the first seven months of 2017 land and real estate market has risen, with the aggregate transaction value growing 25.8%, while apartment segment has demonstrated a stable growth, mostly because of transactions in the lower-price segment - demand for properties worth EUR 150,000-300,000 has risen. There are also positive trends outside Riga.

Latvia's real estate market still is concentrated around Riga and Jurmala - 64.5% of all transactions in the premium segment have been concluded in these two cities in the first seven months of this year.

Baltic Sotheby's International Realty owner and board chairman Vestards Rozenbergs said that trends in real estate market serve as a barometer for economic developments.

Premium apartment market demonstrates a stable, moderate growth compared to the first seven months of last year. Even though the number of transactions has risen from 228 to 245, the total size of transactions has seen a 2.1% growth or by EUR 1.25 million.

Revising the new project segment, its share in the past year is stable at 45-50% of all premium apartment segment, demand in Riga is still high, and the average value of new project apartments is EUR 265,443 or EUR 2,410.75 per square meter.

The premium segment in land and buildings has demonstrated the biggest jump - the aggregate transaction value has risen by 25.8%.