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Real estate company’s BALSTS observations in December shows that, this is the first time when after a year price growth, at the end of the year prices are dropped. In the segment of Series-type apartments  prices has dropped average about 1,5%, but  in the rental segment up to 10%.

„ Comparing with previous month there is a fall of prices for series-type apartments in Riga for   1,5%. The average price for series-type apartments in Riga is 645 Eur/m2. For apartments in the center prices are within 1000 – 1150 Eur/m2, depending on the apartment's condition and location. There is no change in clients interest about 2-3 room apartments. In the sales segment there is a smaller number of offers, activity from clients has shrunk, comparing with December,” the Real Estate Market in December rates the company’s CEO Aigars Zarins.

 In the rental segment, comparing with November, there is a drop of prices for 1,5%. This can be explained by the fact that the activity from clients varies. Rental prices for 10% has dropped in the Old town due to luck of parking. In December there was great interest about short-term rent exactly in holiday period, also for qualitative apartments as well.

In this month in commercial segment most demanded were cafe, restaurant and shop spaces in the center of Riga and Old town, in the area from 50-100m2. Prices for these spaces varies from 10-17 Eur/m2, depending on their condition and location. In the suburbs and closest districts of Riga there is interest about storage and production premises with heating, which prices are from 1,5-3 Eur/m2.

 “Comparing with November, demand has increased for the land for commercial construction in the region of Riga. Businessmen better prefer to buy the land and to build on their own, no to buy industrial objects that are ready”, market situation explains Aigars Zarins.


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