In December 2022, changes were detected in the prices of serial apartments in Riga micro-districts – during the month, the average price of serial apartments decreased by 0.2%. The average price of serial apartments dropped to 916 EUR/m². However, compared to the beginning of 2022, apartment prices were 1.6% higher in December, according to “Arco Real Estate” aggregated data.
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Negative price fluctuations were observed in Riga’s largest micro-districts in December. In December, the price drop was very small. In many micro-districts of Riga, there were no changes in apartment prices in December. Also in the vicinity of Riga, only small fluctuations have been detected in the prices of serial apartments.
Until September, the number of offers in the largest micro-districts of Riga increased rapidly, however, in the last quarter of the year, there was a downward trend. As is typical of the end of the year, the number of offers fell sharply in December, falling below the 1,300 mark. However, the level of supply in the largest micro-districts of Riga was still much higher than a year ago (+56%).
For the most part, prices for apartments in the largest micro-districts of Riga were still higher than at the beginning of 2022. The biggest price increase since the beginning of the year in the micro-districts of Riga was observed in Teika (+ 6%). Compared to the beginning of the year, prices decreased in certain micro-districts, such as Ħengaraga and Imanta.
In December, the average price of serial apartments dropped to 916 EUR/m². Prices were on average 43% lower than on July 1, 2007, when the average price of an unrenovated serial apartment reached an all-time high of 1,620 EUR/m².
In December, changes were found in apartment prices. The average price per square meter of serial apartments decreased for one-room (-0.5%), two-room (-0.2%), three-room (-0.2%) and four-room (-0.2%) apartments.
Compared to the previous month, in December, the supply of apartments in Riga decreased by 25%. The number of offers in the largest micro-districts of Riga analyzed by “Arco Real Estate” decreased by 28%. Compared to December 2021, the offer of apartments was generally higher: the total number of apartment offers was higher by 36%, while the offer of apartments in the largest micro-districts was 56% higher than a year ago.
Summarizing the number of apartment offers in Riga’s micro-districts, it can be concluded that the highest number of offers in December was in Purvciema, while the lowest was in Bolderāja.
Last month, the number of apartment offers decreased in all major micro-districts of Riga. The number of offers decreased the most in Jugla and Pļavnieki (-39%). The number of offers in December changed the least in Teika and Bolderāi (-15%).
In December, analyzing the number of offers in proportion to the size of the micro-district, that is, according to the number of inhabitants, the largest offer was found in Mežciem. In contrast, the number of offers in Jugla was proportionally the lowest.
In December, there were changes in the prices of serial apartments in Riga micro-districts. Negative price fluctuations were observed in almost half of Riga’s largest micro-districts. The most significant drop in prices was found in Ågenskalna, where prices fell by 2% during the month. In one microdistrict – Iļguciem – the average square meter price of an apartment increased slightly (+0.1%) in December.
Compared to the beginning of 2021, in December, serial apartment prices were higher by 14%. On the other hand, since the beginning of 2022, prices were higher than 2%.
The highest prices of serial apartments remained in Teika in December, where the average price of one square meter did not change during the month – 1104 EUR/m². The lowest average price per square meter in December was in Bolderāja (700 EUR/m²), which also did not change in December.
In December, the most expensive apartments remained in houses of series 119 and 104, where prices for two-room apartments in satisfactory condition ranged from 56,000 to 60,000 euros, depending on the location. On the other hand, the cheapest were the houses of the Lithuanian project, where the price range for two-room apartments was from 33,000 to 45,000 euros, and houses from the Khrushchev era, where the prices for two-room apartments ranged from 30,000 to 45,000 euros, depending on the neighborhood.
