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Market report about situation on January 2013


Since the beginning of 2013 real estate market was quiet, calm and without significant price fluctuations. BALSTS index increased by one point and reached 130.  


Last year the size of real estate market was significantly increased by properties foreclosed by banks and marketed by their subsidiaries. That in year 2012 caused increase of transactions from 20 – 30 %, and has not contributed housing prices. In 2012 , prices increased only by average 2,5 %. It is expected that in 2013th seized property supply can only increase, significantly affecting standart and new projects housing market.

  The more and more pronounced will be the standart apartments segmentation – property in good tehnical condition, good location and quality management prices will remain at curent level or rise up slightly. While bad condition apartments prices will decline. New projects prices currently seeks to gradual increase. Last year, the average price has risen by 17%.

Also, the rental market will contribute buisiness growth. Right now, high quality rental housing deficit and absence of debt financing for a new purchases is the reason why rent increased. People affected by this factor begins to consider more about housing purchase rather than rental options.

January showed some insignificant fluctuations of residental pricing. Both, price increase and decrease were observed in Riga centre, sleeping districts and in new projects. There were increase of price in new projects, Jugla Plavnieki, Ziepniekkalns, Imanta, Zolitude and apartments Vecmilgravis in range from 0.28 to 0.38%. In opposite price drop by 0.08 to 0.67% were spotted in Center, Mezaparks, Mezciems and Bolderāja. Overall during January Balsts index increased and reached 130 points.

Commercial market average rental prices since the 2012th beginning has not changed a lot. The lack of appropriate object in the nearest future could lead space shortage. As a result, expected rent growth - Class A offices EUR/m2 11-14, Class B offices 7-10 EUR/m2. At the moment of greatest interest among large tenants directly observed Skanstes Street area, but medium-sized tenants given priority to the city center.




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