Latio: Structure of deals are changing in Riga housing segment
September 16, 2011
The difference of activity in separate Riga housing segments is changing the structure of the deals. The rate of expensive property deals is increasing in the total volume of the deals, said in the latest Latio housing market overview.
“As there is a difference in buyer’s activity at different market segments, the ratio for deals with different type of properties is changing. The structure of the deals made by Latio brokerage is varying – the total number of the deals has not changed, but the number of deals with more expensive properties, e.g. apartments at the center of Riga, has increased. The number of deals with les expensive properties such as standard type apartments has decreased. Foreign buyers are more active in the segment of expensive properties,” explains Vija Gailite, Head of Latio Housing Sales Department.
Latio housing market overview gives evidence that average price of Riga standard type apartments in August remains stable at the level of 576 euro per square meter. The average price of standard type apartments in Riga has decreased by 1% within last year and since January this year.
The prices of apartments in the center of capital city in August have not changed significantly, however last year has demonstrated some remarkable changes: Latio data of July shows that prices of Riga center apartments in new Project houses have increased by 18% within a year, and quality apartment prices in renovated pre-war houses at the quiet and close center have increased by approximately 14%.
In August the prices for average condition apartments at the close centre were 900–1200 euro per square meter and 1200–1500 euro for renovated apartments. The prices at the quiet centre were 1200–1400 euro per square meter, and 1600–1800 euro per square meter for renovated apartments. Prices for very good apartments at renovated houses are starting from 2000 euro par square meter reaching even 5000 euro per square meter in separate houses. Prices of medium level apartments at pre-war houses in the distant centre were 650–900 euro per square meter, and 900–1100 euro per square meter for renovated apartments.
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