Latio: A slight increase in prices of standard apartments in January
February 13, 2012
According to the latest Latio market survey, average price per square meter of standard type apartments in Riga in January has increased by five Euros and comprised 578 Euros.
However, as compared to January of the previous year, average price of one square meter of the standard type apartments in the capital has decreased by 0.7%.
“One of the reasons for a slight increase in prices of standard type apartments after several months of break can be a decrease in offer of apartments complying with the requirements of buyers. Good standard apartments for lower prices are being gradually sold, while over the recent months the specific weight of such properties in the offer has decreased. The major part of buyers is interested in apartments in good condition, while the demand for unrepaired apartments is low,” says Vija Gailīte, Head of Latio Housing Sales Department.
The expert acknowledges that high-quality standard apartments with favorable location for an average market price find their buyers very quickly.
The price of standard apartments in good technical condition in such suburbs as Purvciems, Pļavnieki, Zolitūde, Imanta and Ziepniekkalns for one-room apartment in January was 21 000-29 000 euros, two-roomed apartment – 28 000-38 000 euros, three-roomed apartment – 34 000–45 000 euros, four-roomed apartment – 40 000–51 000 euros.
Prices of apartments in Riga’s new projects in January maintained the position of the previous month. The price range in which the deals are being concluded is quite wide and depends on the type of finishing, project, location and other factors. Prices of apartments in new projects located in the area of Riga in January were 700–850 Euros per square meter, in the suburbs of Riga – 900–1400 Euros per square meter, in the center of Riga – 1100–1600 Euros per square meter, while the price of apartments in new projects with favorable location reached 2500–5000 Euros per square meter.
V.Gailīte points out that the number of local buyers who make apartment reservations in unfinished multistorey house projects has increased over the recent months. This is a new tendency which indicates that the trust for developers has been regained, the paying capacity of buyers has become more stable and the outlook has become brighter.
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