Financial Services, Latvia, Real Estate

Despite the fact that such a situation last time was seen only once3 before – three years ago, the decrease in prices is to be considered as low because in the fourth quarter. The overall price level decreased only by 0.5% or EUR 4 per square meter.

At the end of 2014, the average price of a standard-type apartment decreased to EUR 637 per square meter. The prices on average were 60.7% lower than on July 1, 2007, when the average price of a non-renovated standard-type apartment reached the highest ever value – EUR 1,620 per square meter. But compared to the beginning of 2014, the prices of standard-type apartments in the housing estates of Riga in December 2014, were 3.9% higher, as stated in the market overview prepared by Arco Real Estate.

In December 2014, a decrease of standard-type apartment prices was observed in most housing estates of Riga. The largest decrease of the average price of one square meter in December, was observed in Bolderaja (-0.8%), Mezciems (-0.5%), and Kengarags (-0.5%). In Vecmilgravis, the price level remained unchanged in December. In turn, the prices grew in Zolitude (+0.4%) in December.

The highest standard-type apartment prices in December 2014, still were in Teika, where the average price of one square meter decreased, reaching EUR 798 in December. But the lowest average price of one square meter still was observed in Bolderaja, where in December it dropped to EUR 454 per square meter.