Analytics, Baltic, Latvia, Real Estate

He explained that, the impact of the Covid-19 pandemic notwithstanding, global real estate prices continued to rise in the first half of 2020. In the Baltic countries, the smallest increase in real estate prices in the first quarter of the year was observed in Latvia, where real estate prices increased 0.83% as compared to the same period last year.

According to RIA.com Marketplaces' data, the pandemic reduced the number of real estate transactions in Riga by 43% in May. Judging by real estate prices and rents, an apartment in Riga is currently a less valuable investment than apartments in Vilnius and Tallinn.

In the first quarter, real estate prices grew the fastest in Lithuania - by 5.52% on the average. Real estate prices in Estonia increased by 4.32% in the first quarter, while real estate prices in Latvia rose 0.83%. According to Global Property Guide data, real estate prices at the beginning of this year increased the most in Portugal (16.37%), Germany (12%) and New Zealand (10.87%).

RIA.com Marketplaces also reports that, compared to May 2019, the number of real estate transactions in Riga decreased by 43% this past May, while in Tallinn and Vilnius the number of real estate transactions decreased by about 37%. In general, investors who have invested in real estate in the Baltics are benefiting as average real estate prices continue to rise in all three countries. Currently, the total number of real estate transactions in the Baltic capitals is growing, and current forecasts suggest that higher activity can be expected in August and September.