Latvia, Legislation, Real Estate

International Internet Magazine. Baltic States news & analytics Wednesday, 16.01.2019, 16:34

Arco: standard-design apartment prices in Riga climb 2.9% in January-April

BC, Riga, 16.05.2018.Print version
In April 2018, apartment prices in Soviet-era standard design houses in Riga were up 0.7% month-on-month and have climbed 2.9% since the beginning of the year, Arco Real Estate said in its latest report on the situation in the standard-design apartment market, cites LETA.

The average price of the standard-design apartments in April 2018 grew to EUR 790 per square meter but stayed 51.3% 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 2017, the average apartment price has risen 12% in April 2018.

Apartment prices grew at a moderate pace in the first quarter of 2018 but the growth rate tended to increase in April. In some of Riga's suburbs, prices grew by more than 1% but stayed flat for the second month in a row in Imanta and Zolitude - the two most expensive suburbs.

In April this year, prices rose for all types of apartments. The average price of a square meter went up 0.7% for single-room apartments, 0.9% for double-room apartments, 0.4% for three-room apartments and 0.8% for four-room apartments.

The highest average price – EUR 947 per square meter – was recorded for apartments in the popular Teika area in Riga while the lowest price was recorded for apartments in Bolderaja, the remotest and most underdeveloped of Riga's suburbs. Nevertheless, the average price of apartments in Bolderaja grew to EUR 567 per square meter in April this year.

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