This September, there were no changes in the prices of standard apartments in the micro-districts of Riga – the average price of a standard apartment remained unchanged at 848 EUR/m². Comparing to the beginning of 2024, the prices of standard apartments in September were generally similar, according to data compiled by „Arco Real Estate.“
Despite minor fluctuations in apartment prices in several micro-districts this year, apartment prices are generally considered stable. An exception mentioned by experts is Vecmīlgrāvis, where there was a downward trend in apartment prices this year. In the surrounding areas of Riga, apartment prices decreased in Salaspils this year. On the other hand, in cities like Ogre and Jelgava, there was a tendency for apartment prices to increase.
The number of apartment offerings in the largest micro-districts of Riga remained unchanged in September. The supply level in September coincided with the level of September of the previous year.
This year, recipients of mortgage loans in Latvia received state aid several times for partial compensation of high interest rates. Surveys conducted by some banks showed that borrowers would use the received money to repay the loan faster, while banking experts suggested saving or investing it. „Delfi Bizness“ explains how it is more beneficial for borrowers to use this money.
Since the beginning of 2024, apartment prices in the micro-districts of Riga have both decreased and increased. The price changes this year are considered minor, except for Vecmīlgrāvis. The largest price decrease since the beginning of the year in Riga’s micro-districts was observed in Vecmīlgrāvis (-2.8%). Jugla also saw one of the largest declines in apartment prices this year. Meanwhile, the largest price increase was observed in Purvciems and Āgenskalns (+0.8%). Other micro-districts experienced both positive and negative price fluctuations this year.
In September, the average price of standard apartments remained at 848 EUR/m². Prices were on average 48% lower than on September 1, 2007, when the average price of a non-renovated standard apartment reached an all-time high of 1620 EUR/m².
In September, there were minimal changes in apartment prices. The average price per square meter of standard one and two-bedroom apartments slightly decreased (-0.1%), while the average price per square meter of standard three and four-bedroom apartments slightly increased (+0.1%) in September.
Compared to the previous month, the supply of apartments in Riga decreased by 4% in September. The number of offerings in the largest micro-districts of Riga analyzed by „Arco Real Estate“ remained unchanged. Compared to September 2023, the supply of apartments this September was generally higher: the total number of apartment offerings was higher by 2%, but the supply of apartments in the largest micro-districts was lower by 1% compared to the previous year.
Summing up the number of apartment offerings in Riga’s micro-districts, it can be concluded that the largest number of offerings in September was in Purvciems, while the smallest was in Bolderāja.
Wages in Latvia continue to rise this year, with the average wage gradually increasing. However, not all workers in certain industries have felt this increase – there are sectors where employees have not experienced a wage increase for several years, while there are other sectors where wages are regularly increased.
Last month, in most of the largest micro-districts of Riga, the number of apartment offerings decreased. The largest decrease in the number of offerings was in Ķengarags (-10%). At the same time, in several micro-districts, the number of apartment offerings increased in September. The largest increase in apartment offerings was observed in Zolitūde, where it increased by 14% in a month.
In September, analyzing the number of offerings proportionally to the size of the micro-district, namely by the number of residents, the largest offering was found in Āgenskalns. Meanwhile, Vecmīlgrāvis had the smallest offering proportionally.
In September, there were minimal changes in the prices of standard apartments in the micro-districts of Riga. Positive and negative price fluctuations were observed in the largest micro-districts of Riga. The largest price decrease was observed in Imanta, where prices decreased by 1% in a month. On the other hand, in September, apartment prices increased the most in Āgenskalns by 0.8%. There were no price changes in Pļavnieki and Zolitūde in September.
Compared to the beginning of 2024, the prices of standard apartments remained similar in September. However, compared to the beginning of 2023, prices were 7% lower.
Follow „Delfi“ on Instagram or YouTube for the latest and most interesting news first!
The content of the publication or any part of it is a protected object of copyright in the understanding of the Copyright Law, and its use without the permission of the publisher is prohibited. Read more here.