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International Internet Magazine. Baltic States news & analytics Tuesday, 21.03.2023, 04:29

Average price of Soviet-era apartments in Riga up 3.9% in 2018 - Arco Real Estate

BC, Riga, 07.01.2019.Print version
Last year, apartment prices in Riga’s Soviet-era standard design houses climbed 3.9 % on average, Arco Real Estate said in its latest property market review.

The company’s representatives informed that in December 2018 the average apartment price in the Soviet-era houses rose somewhat but that the increase was small in comparison to the price hikes recorded at the beginning of last year. As a result, the annual price increase stayed below 4% in 2018.

In December last year, the average apartment price in Riga reached EUR 797 per square meter, which was still two times lower than the all-time high of EUR 1,620 per square meter, recorded in July 2007. Compared to the beginning of 2017, the average apartment price had climbed 13% in December 2018.

In 2018 apartment prices rose at the steepest rate in Teika neighborhood where a square meter rose in price by 5.3% over the year. The slowest increase was recorded in Imanta where a square meter in Soviet-era apartments became 2% costlier.

In December 2018, the average price of single-room apartments rose 0.1%, the price of double-room apartments went up 0.5%, the price of three-room apartments increased 0.3% and the price of four-room apartments was up 0.1%.

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