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CLIENTS ARE READY TO OVERPAY, TO GET WHAT THEY WANT


Real estate company’s BALSTS observations in October shows that in some segments customer activity has clearly increased. Basically, prices have remained at the same level, but there are areas where is a sharp price decline.

„In the real estate market in October big changes didn’t happen. In the center and in residential districts prices have remained at the same level. Serial flats average price is 650 EUR / sqm, the average price for apartments in the center is 1,000 EUR /sqm. The exception is Jugla, in October there has been significant price drop. If in September the average price of apartments was 700 EUR /sqm., then in October it is 600-650 EUR /sqm. Outside the center in new projects the average price is 1000 - 1200 / m2. The biggest demand is for 2-3 room apartments in good condition. Most transactions are held by banks, which prolongs the transaction process. It should be noted that apartment owners have become responsive to the offered real estate companys’ services,” reports the CEO Aigars Zarins.

 

In the rental segment observed decrease in client activity. Since the presence of the heating season, the owners are increasingly willing to cut the rental price. Particulary that happens in situations when apartaments are with large space and central heating. The average price for 3 room apartments in the center is 260 Ls per month., 2 room apartments - 220 Ls per month., 1-room apartments - 130 Ls per month. The biggest demand has been for the 3 room apartments in the heart of the capital in good condition.

 

"Commercial space segment in October passed with a marked increase in customer activity. Most activity has been from the cafe and restaurant owners who are looking for space in the center of Riga and in Old Town on the first floors with the biggest pedestrian traffic. Striking is the willingness of clients to pay higher prices for spaces they want, which is why a slight increase in prices (about 5 %) had been noticed. The largest demand still is for office spaces 30-50 sqm., "the situation in the real estate market explains Aigars Zarins.

 

 

More information you will get:

BALSTS, Audēju Street 8,

Tel.: + 371 67076191

Fax: + 371 67076199

info@balsts.lv, www.balsts.lv

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