Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Friday, 17.08.2018, 10:51

Apartment prices in Soviet-era buildings in Riga climb 10% y-o-y in January

BC, Riga, 13.02.2018.Print version
In January 2018, apartment prices in Soviet-era buildings in Riga rose 1.1% from the previous month and 10% from the beginning of 2017, Arco Real Estate said in its latest property market review, cites LETA.

The average apartment price in Soviet-era buildings rose to EUR 776 per square meter in January, which was still 52.1% below the all-time high recorded in July 2017 when the price of a non-renovated Soviet-era apartment averaged at EUR 1,620. Compared to the beginning of 2016, the average apartment price in Riga' s Soviet-era buildings increased by 18.4% in January 2018.

Arco Real Estate reported that January showed the biggest price rise in the past six months, with the steepest price hikes recorded in Bolderaja where apartment prices per square meter went up 14.5% since January 2017.

In January 2018, the average price of a square meter went up 1.5% for single-room apartments, 1.2% for double-room, 0.8% for three-room apartments and 0.9% for four-room apartments.

The highest price per square meter was registered in Teika suburb – at EUR 918, while the lowest price was in Bolderaja – EUR 557 per square meter.

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