The number of transactions significantly lower than last year!
„Real estate transactions compared to the previous month increased by 13%. Meanwhile sales volume in 2015 is still significantly lower than last year – by 13%. This reduction is result of a decrease of non-residents interest in the purchase of apartments in Riga, as well as the factor that the price levels for many local potential buyers are still too high.
The largest secondary market apartment offer is in Purvciems Plavnieki and Ziepniekkalns while the smallest is in Bolderāja and Vecmilgrāvis. In July 2015, the average 1m2 value for apartments, evaluating them according to the number of rooms, increased for 1-bedroom ( 0.4%) and 2-bedroom (0.3%), also 3-bedroom (0.5% ) and 4-bedroom (0.2%) apartments. The highest growth in apartment prices in July 2015 remained in Teika, where the average price is positioned at 785 EUR/m2.
Demand for rental apartments in the center of Riga still exceeds supply. This allows the rental rate to hold at the current level and even increase slightly. Currently, the most demanded are one-bedroom and two-bedroom apartments, which are offered from 350-600 euros per month (without utilities). Apartments in the center of the capital city are offered from 5-8 EUR/m2. If the apartment is located in the historical center and with very good technical condition, then from 10-13 EUR/m2. Exclusive apartments are offered from 20 EUR/m2. Foreign students renting one-bedroom apartments are paying an average 350 EUR per month and two-bedroom - 500 EUR per month.
With regard to Riga office space, A class space is being offered for tenancy at 10 -15 euros per square meter, and in the most prestigious buildings up to 16-20 euros per month. Class B space is on offer at 5-10 euros per square meter per month, before service charges.