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A SUMMER HEAT HAS STOPPED CHANGES IN THE REAL ESTATE MARKET

Company’s BALSTS observationts in June showed that there are not very significant changes in the real estate market compared with the previous month. Prices have stayed unchanged, slightly increased an activity of clients.

„Specific changes in the real estate market compared to May is not noticeable, probably, due to holidays and vacation time. Prices have stayed at the same level in the center and in the series type apartments in a neighborhood. Average price in the center is 1000 EUR per square meter, in a neighborhood – 600 EUR per square meter. There are still buyers’ activity and it has stayed unchanged. Banks presents their lending possibilities as much as possible, they are trying to expand its customer base with a variety of innovations, such as insurance against unemployment etc. Small part of a real estate is bought paying in cash,” reported a leader of the company Aigars Zarins. 

 

 Only change in the rental segment – an interest in short-term rental has increased (mostly at lower prices than the market offer). This is due to a seasonality - significantly increased the number of tourists. The average rental price in the center is 200 EUR per month, in the neighbourhood - 120 EUR per month.

 

 "In the commercial segment prices have stayed at the same level too. The average price of offices in the center and in the neighborhood is 4 – 5 EUR per square meter, the average price of warehouses is 2 EUR per square meter. In the best places of the center and in the Old Riga a price of the trading places is 10 – 15 EUR per square meter. Client activity in the commercial segment has grown up, a great interest is being showed on the car service spaces up to 300 square meters. Big request is for the trading areas on the ground floors and in the places with an active pedestrian flow, "the situation in the real estate market in June valued Aigars Zarins.

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