Latvia, Markets and Companies, Real Estate

In October 2016, the prices of standard design apartments had risen by 13.59% against 2014 and were 9.6% higher than at the beginning of 2015.

The prices, however, were still 56.9% lower on average than in July 2007 when the average price of a non-renovated standard design apartment had hit an all-time high - EUR 1,620 per square meter.

The apartment prices in Riga’s residential suburbs kept growing in October, but the rise was slower than in the first half of this year. The reason for price growth was the low supply which continued dropping in October, said Arco Real Estate.

Standard design apartments in the neighborhood of Teika remained the most expensive in October, selling for EUR 859 per square meter. The cheapest apartments were available in Bolderaja where a square meter in a standard design apartment costed EUR 484.