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Market report about situation on November 2012

Company Balsts this month made assumptions about the real estate market at 2013th year. We expect that drastic changes will not happen, because we are still suffering from crisis. Company predicts that 5% of transactions will increase next year, that can be explained by the bringing news from mass media that average wages will increase to 485 lats.Financial stability for Latvian people will grow slowly, that increase the number of potential credit borrowers as a result more people will be able to purchase their preferred accommodation. nbsp;


Price fluctuations in the 2013th in the first quarter will not have a drastical changes because these months are called "quiet months". However, from the second quarter, housing prices rise again regain its slow growth rate. It is expected that price would increase to 5%. The growth was supported by demand for new, high-quality apartments in new projects and the center of Riga.

  Riga have obsolete housing stock, new apartment quantity of the total number of transactions in the real estate would have to rise. Construction is just beginning to develop, and has initiated several new projects intended for commissioning by 2013. As an example Ltd. "YIT Celtnieciba" will built a nine-storey building at Akacijas Street 6, New Europe Real Estate House have project of Multistorey complex Ungura Nami, as well Dekarta property projects at Kalnciema Street 2 and School street 17. Riga next year will be more secured with comfortable and modern apartments. By 2015th Company New Europe Real Estate House plans to complete the transaction and the residential area of the project "Ezerparks" that will produce not only new housing, but also business opportunities.

In November real estate market prices has changed a little. At Riga suburbs, center and new projects has minimal increase and decrease. Kengarags, Plavnieki, Purvciems, Jugla and apartments in the center are characterized by 0,34 to 0,54% price increase. But at Ziepniekalns, Zolitude and Mezaparks prices decreased from 0.34 to 0.64%. Earlier At this month, Balsts index increased and reached 129 points.




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Balsts ,Lacplesa 41,

Тel.: + 371 67076191

Fax: + 371 67076199,



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