Home » Business » The price of apartments in new projects has approached 2500 EUR/m2 :: Dienas Bizness

The price of apartments in new projects has approached 2500 EUR/m2 :: Dienas Bizness

Evaluating market trends, one should be aware that currently, in new projects, the cost of buying an apartment should be around 2,500 EUR/m2. In addition, the jump in prices has been very rapid compared to the beginning of this year, when prices in new projects fluctuated around 2000 EUR/m2.

This is stated by the construction company and real estate developer “YIT LATVIJA”.

At the same time, the company draws attention to the fact that apartment prices in Riga are still lower than in Vilnius, and much lower than in Tallinn. Currently, buyers are balancing the price of the property with its maintenance costs and potential price increases for various utilities and other services.

“It cannot be denied that there is currently a difficult situation in the real estate industry – the demand for apartments is greater than the supply, however, buyers also prefer not to rush decision-making and very carefully evaluate even the smallest advantages provided by one or another project. The rise in prices in other sectors is also evaluated, for example, the rise in the prices of heating, gas and electricity also forces you to carefully plan your expenses, evaluate the possibilities of the household regarding the intended apartment, “says YIT LATVIJA board member Andris Bože.

Considering the high inflation, buyers should accept and expect that the average price level in new projects will probably not be lower than 2500 EUR/m2, and according to inflation and price increases in other areas (services, construction materials, energy resources, fuel, etc.) dune, the company says.

Db.lv already announced that “YIT LATVIJA” zero has put into operation the first building of the four-building complex “Silvas nami” on Dzelzavas Street, Riga, next to Biķernieki Forest.

The “Silva Houses” project includes four seven-story apartment buildings, of which the second building is expected to be put into operation this summer, while the framework of the third building will be completed in July. The construction of the last, fourth building is expected to start in the second half of this year. All buildings are planned as a standard class project with a fenced and green area.

The developers do not disclose the investments planned in the project.

The turnover of “YIT Latvija” last year was 25.824 million euros, which is 16.1% more than in 2020, but the company’s profit decreased by 13.9% and was 2.232 million euros.

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