Analytics, Latvia, Real Estate

The average price for square meter of block apartments in Riga in March, in comparison with the last month, has grown by seven euros, and was 617 euros.

Latio indicates that in March, the customers have maintained a relatively high interest in block apartments.

Apartments in good shape and appropriate for inhabitation, continued to decrease in number, but new apartments, meeting customer needs, were offered less frequently than before. This situation stimulated an increase in prices for block apartments.

Latio points out that currently, the apartments offered in Riga are facing a gap between standard and new project apartments, hence, the average prices for new apartments are twice as high than for block. The market lacks quality supply, which by its price would fall between these two segments.

Changes in apartment prices in different areas of the capital vary. Prices for apartments in good technical condition, in suburbs like Purvciems, Plavnieki, Zolitude, Imanta and Ziepniekkalns in March, for one room flats were from 23,000 to 31,000 euros, two room flats – from 32,000 to 41,000, three room flats – from 37,000 to 49,000, four room flats – from 43,000 to 54,000 euros.