BALSTS:The number of transactions compared to previous month decreased by 8%
"Local buyers atctivity at the new project apartment segment remained at the previous month's level. New projects apartments in the suburbs of Riga are currently available on average from 1000 to 1750 EUR/m2, in the center of Riga from 1450 to 3800 EUR/m2. Price for exclusive properties with very good technical condition are from 2500 to 4000 EUR/m2", comments the CEO of company BALSTS Aigars Zarins.
The rental market at the November still remains active. Demand for high quality rental apartments in the center of Riga still exceeds supply. This allows rental rates to hold at the current level and even increase slightly at 5 -10%. At the moment the most demanded are 2 or 3 bedroom apartments with average price from 5-7 EUR/m2, while in the center from 7-12 EUR/m2.
Riga office space market in November still remains active. Rent for Class B office segment remained stable from 5-8 EUR/m2. The vacancy rate in Class B offices currently is from 5-6%. An average rate for property management is from 0.95 - 3.5 EUR/m2. The highest demand is for small and medium sized Class B offices from 30-100m2 in the city center or in the quiet center with average price up to 8 EUR/m2.