The number of transactions are continuing to decline

„In the first five months of 2015 in Riga there have been 4835 real estate purchase transactions, which is 15.19% lower than in last year. The situation in Jurmala has declined more significantly, in the first 5 months there were only 485 transactions, which is 32.45% less than in 2014", comments the CEO of company BALSTS Aigars Zarins.

Rent for summer houses in Jurmala this year is 50% cheaper than last year. A house in good condition and with good location last year was able to rent for 5000 euros/month. By contrast, in this year prestigious homes can be rented for half of that price. Significant price changes have not occurred only in the cheapest Jurmala housing segment, which includes the secondary market apartments and separate rooms in the home.

Demand for house rentals in the suburbs of Riga or the former Riga region is stable, with potential tenants favouring Marupes, Babites, Garkalnes and Stopinu counties. For a new house in good condition, with an area of 200-250 m2, tenants are willing to pay 1,000 to 2,000 euros per month. But for high –quality flats in the suburbs of Riga monthly rental fee is around 400-700 euros per month.

With regard to Riga office space, A class space is being offered for tenancy at 12 – 16 Euros per square meter, and, in the most prestigious buildings, up to 16-19 Euros per month. Class B space is on offer at 7,00 – 12,00 Euros per square meter per month, before service charges. The greatest demand is for premises of an area less than 200 sq.m.

 

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