Serial apartment price increase indicates development

The serial apartment prices increased per 0.5% since January this year, while they rose per 1.9% since last March, indicates the ARCO REAL ESTATE newest market overview. The Member of the Board of the enterprise Māris Laukalējs explains that the serial apartment price increase is a positive real estate market feature that testifies development, as well as it is a direct purchasing power and bank lending improvement result.

“On the overall pessimistic background that rules the present real estate field, the ascending price correction is a positive feature,” emphasizes M.Laukalējs indicating that there is no basis for the previous fear regarding serial apartment price decrease taking into account the tendency of this year – price gradual increase. If an essential decrease in the serial apartment offer amount regarding seasonality was observed in the last quarter of 2014, at present it even exceeds the indicators of the most active months last year.

When the expert was asked if the mentioned segment was influenced by the recently prevailing uncertainty regarding the “left key” principle, he admitted that the serial apartments is the only segment which is minimally influenced by the laws and regulations and lending condition amendments, therefore an objective view of the overall real estate market can be obtained on the basis of its analysis. In order to purchase the relatively cheap serial apartments, people often do not need the bank co-financing, explains M.Laukalējs.

Due to the large serial apartment offer, ARCO REAL ESTATE does not foreseen a rapid price increase in future. Even though in March 2015 the average serial apartment price increased up to the position of 640 EUR/m², the increasing price fluctuations are characterized as non-essential.

The biggest average apartment price increase per 1 m² in Rīga residential areas since the beginning of 2015 has been observed in Ķengarags (+1.7 %; 604 EUR/m²) and Āgenskalns (+1,7 %; 688 EUR/m²). Also, the prices in the biggest part of other Rīga residential areas increased during this period. The price level decreased in Teika (-1.8 %; 784 EUR/m²), Imanta (-1.4 %; 666 EUR/m²) and Pļavnieki (-0.3 %; 662 EUR/m²).

The ARCO REAL ESTATE data for the serial apartment market and other real estate segments can be found here: http://bit.ly/parskati .

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