Analytics, Good for Business, Latvia, Real Estate

Last year 9,009 transactions with apartments were registered compared to 8,887 transactions in 2016.

Prices of standard-design apartments in Riga suburbs rose by 8.9 % to an average price of EUR 767 per square meter. Laukalejs said that the rise was steeper than predicted as Arco Real Estate’s forecast was a 6-7% rise.

Laukalejs said that the price of a standard-design apartment last year was 53% below the all-time high recorded in July 2017 when the price of a non-renovated Soviet-era apartment averaged at EUR 1,650.

The lowest prices were registered in Bolderaja suburb – EUR 569 per square meter on average, and the highest prices in Teika – EUR 909 per square meter.

The average price in downtown Riga was EUR 1,813 per square meter, and the market activity in this district dropped by 5 % from 2016.

Prices in new project apartments last year increased by 12%.

Laukalejs said that this year prices of standard-design apartments might rise 6%, and the market activity could remain the same as last year. Prices of new project apartments might grow 10%.