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Market report about situation on September 2012

45% of the society consider that real estate prices will increase

Housing prices in the central part of Riga and new projects, are under marginal decline (0.08 - 0.17%). At the same time, a number of districts increase insignificant and slightly(0.03 - 0.17%), for example Mezaparks, Mezciems and Zolitude. At this month, Balsts index increased up to 128 points. . 


Following the September survey data, we conclude that 45% of respondents predict that the real estate market prices will increse, 18% consider that prices decrease, while 37% thinks that prices will remain unchanged. "According to the respondents, and the current situation of a society we observe that most people have a positive attitude about the real estate market that creates a favorable market atmosphere. Salary begin to rise gradually, and now it is a bit over of inflation. The demand for real estate are growing moderately. All these facts indicate the possibility of a gradual development at the market, " situation at september comented CEO of company Balsts Aigars Zarins.

  Availability of housing this year is almost 3 times higher than in 2007, but even if at future are expected market development, housing will not be caught as a "hot pies." Offer at different segments are still inadequate to customer. Appears that new projects and apartments in the central part has a tendency to rise slowly, this situation do not appopriate for average people price cap. At the same time large part of remaining housing supply is inadequate to customer comfort. These are the reasons why situation of real estate market is adversely affected.

The interesting thing is that this school year at RTU Construction Business and Real Estate Economics Institute interest about specialties that are linked to real estate has tripled in size. CEO of company Balsts Aigars Zarins explains that the real estate business in post-crisis period has lost its former prestige. At the moment the lack of people work in this business. The market is often left only to professionals, but new potential employees do not risk to involve in this business. Maybe in a few years we can expected rational change at the real estate market!




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