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International Internet Magazine. Baltic States news & analytics Thursday, 04.03.2021, 12:22

Latvia: Prices of apartments in soviet-era apartment buildings increased 2.8% in 2019 - Arco Real Estate

BC, Riga, 08.01.2020.Print version
Prices of apartments in soviet-era apartment buildings in Riga neighborhoods remained unchanged last December, while in January-December 2019 the prices increased by 2.8%, according to Arco Real Estate's latest report on the market of standard-design apartments.

The average price of standard-design apartments in December 2019 was EUR 819 per square meter, or about 50% lower than in July 2017 when the average price of a non-renovated Soviet-era apartment hit all-time-high of EUR 1,620 per square meter.

Arco Real Estate concludes that standard-type apartment prices are stagnating as no significant price changes have been observed for five consecutive months, and apartment prices in most of Riga's neighborhoods have not changed. In some neighborhoods, prices have risen slightly in December, while in Vecmilgravis, apartment prices kept declining for the second month in a row.

Last year, the highest increases in the average prices of apartments in Riga neighborhoods were recorded in Agenskalns, Zolitude, Mezciems and Plavnieki - 4%. Apartment prices have also increased in other Riga neighborhoods, while the smallest changes were observed in Teika and Imanta, where apartment prices increased only 1 percent since the beginning of 2019.

In December 2019, standard-type apartments in Teika were the most expensive in Riga, where the average price was EUR 966 per square meter, while the lowest average price was in Bolderaja - EUR 583 per square meter.

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