Since June 2019, the prices in real estate in Riga and suburban areas are showing continuous growth on the market. Last month, they raised again to an average of 0.5%. Now a standard one-room apartment will cost a buyer about €814 per square meter. Real estate agents explain that such a tendency is to continue and potential buyers should adjust their budget to decreasing salaries and alterations in the economy.
As per The Latvian Real Estate Association, the cost of real estate in the Riga micro districts increased by 2%. Compared to statistics taken from May 2019, one standard apartment could cost before averagely €800 per square meter.
If looking back to the previous decade, today’s prices are 50% lower than in 2007, when the price of a one-room apartment reached €1,620 per square meter. Thus, it is possible to say that housing prices are evenly growing today.
Suburb & capital’s prices
Speaking of suburban areas near Riga, the growth of housing prices also shows constant changes. Mostly, they were noticed at the beginning of the year in Ogre and Kauguri, where it was 6%. As of main districts in Riga, there the highest increase was tracked in Agenskalns, up to 3,3%. On the other hand, only a few changes in prices were observed in Kengarags and Teika, by 1% only.
Last month, additionally to pricing decreased the choice of housing. It was well observed in Vecmilgravis with – 32%. But, analyzing the number of offers, it is fair to say that choices are proportional to the size of the micro-district. The largest number of offers in June was in Mežciems.
Meanwhile, prices for housings in newly built areas in the center of Riga in June increased by 4%, it is €2,615 per square meter, while the residential districts’ prices did not change at all. One-room apartment will cost €1,480 per square meter. In Jurmala, prices rose in June by 0.2%, so €2,756 per square meter. Private houses in the residential districts of Riga cost €1,203 per square meter and again this price has not changed compared to May.