Apartment prices down in Rīga's suburbs

Prices of the standard-design apartments in the residential suburbs of the Latvian capital Riga were down 2 percent month-on-month in February 2016, according to the latest market market price indicator released by the Latvian Real Estate Dealers Association (LANIDA).

The prices of apartments offered on the secondary market in the Riga center dropped 7 percent, and the price of apartments in the Riga region grew 2.7 percent.

The prices of new project apartments in the Riga center declined 2 percent in February, while prices in Riga suburbs rose 5 percent, and in the Riga region prices declined 2.5 percent.

The market price indicator in February was based on monitoring results provided by Ober-Haus, Latio, Balsts Real Estate, and Arco Real Estate companies.

According to the price indicator, the price of new project apartments in the center of Riga was EUR 2,700 per square meter on average, EUR 1,300 per square meter in the Riga suburbs, and EUR 878 per square meter in the Riga region.

The average price for apartments on the secondary market was EUR 1,400 per square meter in the Riga center, EUR 675 per square meter in the Riga suburbs, and EUR 532 per square meter in the Riga region.

The average price for individual homes was EUR 1,048 per square meter in the Riga suburbs, rising 2.5 percent month-on-month, EUR 853 per square meter in the Riga region, growing 12 percent.

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