Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Thursday, 20.09.2018, 21:59

Prices of Soviet-time apartments in Riga climb 3.5% from beginning of year

BC, Riga, 11.09.2018.Print version
In August 2018, apartment prices in Soviet-era buildings in Riga rose 0.2 from the previous month and climbed 3.5% from the beginning of 2018, informs LETA referring to the Arco Real Estate property market review.

In August 2018, the average apartment price in Riga’s Soviet-era houses reached 794 euros per square meter. The prices were still 51% below the all-time high of 1,620 euros per square meter, recorded in July 2007. Compared to the beginning of 2017, the apartment prices in Soviet-era houses had increased by 13%.


The price of a square meter in Soviet-era standard design apartments rose at the steepest pace in Teika. In August, apartment prices in this residential neighborhood had climbed 5% from the beginning of the year. Apartment prices in other residential neighborhoods of Riga also increased from the beginning of 2018.


The slowest rise was recorded in Imanta where apartment prices had risen by 1.6% from the beginning of the year.


In August 2018, prices per square meter rose 0.1% for single room apartments, 0.2% for double-room apartments, 0.3% for three-room apartments, and 0.3% for four-room apartments.


In August 2018, the highest apartment prices were recorded in Teika where they averaged at 952 euros per square meter, while the cheapest apartments could be bought in Bolderaja where apartments were selling at 569 euros per square meter.

 






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