Latvia, Real Estate

According to the data of the Land Register about transactions with apartments in the second quarter of 2016, 813 apartments were sold a month on average. The average price of non-renovated standard design apartments in Riga suburbs climbed 1.8% in the second quarter to EUR 677.4 per square meter. Compared to the respective quarter a year ago, the average price rose 4.04%, Ober-Haus said.

The price for apartments in Riga suburbs range from EUR 450 to EUR 700 per square meters, and even up to EUR 1,000 per square meter.

Buyers are mostly interested in small single or double-room apartments in the price category of up to EUR 35,000. The main criterion is a possibility to receive a mortgage loan from the bank, the company said.

However, most of the apartments in the market still do not meet the purchasing power of customers, said Ober Haus.

There is also interest in three-room apartments in a good conditions that are not on the ground and upper floors in the price category of up to EUR 40,000, but the demand exceeds the supply.

Families with children are interested in Altum program under which families with children can receive state-guaranteed mortgage loans to buy housing.