Rīga center apartment prices and transaction amount decrease essentially

Contrary to the prices of serial apartments in residential areas that have been increasing for three months in a row, the average price per a square metre for apartments located in Rīga centre decreased per 1.7 % in April, falling till the position of 1 971 EUR/m², informs the Member of the Board of the enterprise Māris Laukalējs.

Arco RealL Estate market overview indicates that the price in the mentioned segment decreased per 5.2 % in 2015: the average price per a square metre in Rīga centre apartment was 2 059 EUR/m² in January, in February 2 042 EUR/m², in March 2 006 EUR/m², but in April 1 971 EUR/m², which is the lowest indicator within the last half-year.

The apartment price decrease in Rīga centre started in last September, besides the observations present evidence that it was more rapid during the last months. The expert explains that with a fact that “it was possible to observe the price correction in the offer, where the apartments for decreased prices kept appearing increasingly”. The decrease of Rīga center apartment average price per a square metre was impacted by an essential transaction amount reduction in the most expensive apartment segment, whereas in the segment of the cheapest and moderately priced apartments the average price decrease per a square metre was not observed in April, notes Laukalējs.

The low market activity with Rīga centre apartments presents evidence that the price level is still too high for the potential purchasers, which allows to forcast that the price correction most probably will continue also during the next months, indicates M. Laukalējs. The transaction amount with Rīga centre apartments of sum up to 140 000 EUR decreased per 25 %, whereas decrease in transaction amount for sum within the borders from 140 000 to 250 000 EUR was considerably bigger (- 83 %).

Looking closely at the situation change with Rīga centre apartment transactions where the sum exceeded 250 000 EUR, which is the minimal real estate purchase sum threshold for receiving a permanent residence permit, it can be seen that the amount of such transactions decreased within the first quarter of 2015, and it was lower than in all other quarters of the last year.

“The exclusive segment transaction proportion decreased in the first quarter of the year, but the proportion of smaller and cheaper apartments that correspond more to the local inhabitants decreased,” summarizes the expert.

Baltic Sotheby’s International Realty has been strengthening its position in the premium estate segment for five years.



The serial apartment prices reach the highest point in the period of last six years


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