Latvia, Real Estate

Compared to the beginning of 2011, apartment prices are currently 1.2 percent lower, but compared to the beginning of 2010, apartment prices in Riga neighborhoods are 15.5 percent higher this month.

In July, apartment prices in Riga neighborhoods remained stable overall at EUR 602 (LVL 421.4) per square meter, which is 0.1 percent more than in June, notes Arco Real Estate.

Nevertheless, apartment prices in such Riga suburban neighborhoods as Plavnieki and Purvciems have increased 2 percent as compared to the beginning of 2013, which means that, in general, apartment prices do tend to increase, says the report.

Apartment prices have increased the most in Plavnieki neighborhood - 2.7 percent since the beginning of 2013. Bolderaja is the only Riga suburb where apartment prices have decreased, by 1 percent on the average. In the other neighborhoods, apartment prices have increased at a minimum.

The average apartment price this month is 62.9 percent lower than in July 2007 when the price for a pre-renovated apartment in Soviet-era apartment buildings rose to a record high 1,620 (LVL 1,134) per square meter.

In 2008, average apartment price in Riga fell 33.5 percent and then another 44.2 percent in 2009. In 2010, apartment prices increased 16.9 percent, but in 2011 they fell 3.5 percent. Apartment prices resumed growing in 2012 when they rose 2 percent.

The largest number of apartments for sale has been recorded in Purvciems, Plavnieki, Imanta and Ziepniekkalns neighborhoods of Riga this month, and the smallest number in Bolderaja and Vecmilgravis.