In June 2024, there were no changes in the prices of standard apartments in the microdistricts of Riga – the average price of a standard apartment remained unchanged at 849 EUR/m², according to data compiled by „Arco Real Estate.“
The average price of standard apartments in June was 849 EUR/m². Compared to the beginning of 2024, the prices of standard apartments overall remained similar.
In June 2024, apartment prices were considered stable. In the largest microdistricts of Riga, only minor price fluctuations were observed. In several of Riga’s most expensive microdistricts, there was a disappearance of cheap apartment offerings that were seen in previous months. The standard apartment market in the surrounding areas of Riga is also considered stable – no significant price changes were observed.
The number of apartment offerings in the largest microdistricts of Riga remained almost unchanged in June. The supply of standard apartments was only 4% higher than a year ago.
Since the beginning of 2024, apartment prices in the largest microdistricts of Riga have both decreased and increased. However, price changes in the first half of the year were small and did not exceed 2%. The largest price decrease since the beginning of the year was observed in Vecmīlgrāvis (-1.8%). On the other hand, the largest price increase this year was seen in Zolitūde (+1.1%). No price changes have been observed in Ziepniekkalns since the beginning of the year.
In June, the average price of standard apartments remained at 849 EUR/m². Prices were on average 48% lower than on July 1, 2007, when the average price of an unrenovated standard apartment reached an all-time high of 1620 EUR/m².
In June, there were minimal changes in apartment prices. The average price per square meter of a two-room apartment slightly decreased (-0.1%). On the other hand, the average price per square meter of three and four-room apartments slightly increased in June (+0.1%), while the price of one-room apartments remained unchanged.
Compared to the previous month, the supply of apartments in Riga decreased by 1% in June. The supply of apartments in the largest microdistricts of Riga analyzed by „Arco Real Estate“ increased by 0.3%. Compared to June 2023, the overall supply of apartments was higher: the total number of apartment offerings was higher by 9%, and the supply of apartments in the largest microdistricts was higher by 4% compared to a year ago.
Summing up the number of apartment offerings in Riga’s microdistricts, it can be concluded that the largest number of offerings in June was in Purvciems, while the smallest was in Bolderāja.
In the past month, more than half of the largest microdistricts in Riga saw an increase in the number of apartment offerings. The largest increase in offerings was seen in Teika (+6%). At the same time, the supply of apartments in Jugla significantly decreased in June by 14%.
In June, when analyzing the number of offerings proportionally to the size of the microdistrict, i.e., based on the population, the largest number of offerings was found in Āgenskalns. On the other hand, the number of offerings in Vecmīlgrāvis was proportionally the lowest.
In June, there were minimal changes in the prices of standard apartments in Riga’s microdistricts. Positive and negative price fluctuations were observed in the largest microdistricts of Riga. The most significant price increase was observed in Mežciems, where prices increased by 0.2% during the month. On the other hand, apartment prices slightly decreased in Teika and Ķengarags by 0.1% in June. Almost half of the largest microdistricts in Riga did not see any price changes in June.
Compared to the beginning of 2024, standard apartment prices remained similar in June. However, compared to the beginning of 2023, prices were 7% lower.
The highest prices for standard apartments in June remained in Teika, where the average price per square meter dropped to 1071 EUR/m². The lowest average price per square meter in June was in Bolderāja – 644 EUR/m², which remained unchanged in June.
In June, the most expensive apartments were in the 119th and 104th series buildings, where the prices for two-room apartments in satisfactory condition ranged from 51,000 to 55,000 euros depending on the location. On the other hand, the cheapest apartments were in Lithuanian project houses, where the price range for two-room apartments was from 29,000 to 41,000 euros, and in Khrushchev-era houses, where the prices for two-room apartments ranged from 27,000 to 44,000 euros depending on the microdistrict.
In conclusion, in June 2024, there were minimal changes in the prices of standard apartments in Riga’s microdistricts. While some microdistricts saw positive price fluctuations, others experienced slight decreases. Overall, the apartment market in Riga remained stable, with prices remaining relatively unchanged compared to the beginning of the year.