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In all major districts of Riga, an increase in the prices of standard-type apartments was observed in July. However, in July of this year, the price increase in the capital was no longer as pronounced as in May and June, while the rate of price increase in the vicinity of Riga remained high. On the other hand, the supply of apartments was still small both in Riga’s residential districts and in the vicinity of Riga.
In general, the supply in Riga, compared to the previous month, increased by 7%, but in the largest districts – by 9%. However, compared to July 2020, the supply of apartments was lower; In Riga as a whole, it was by 18% less than a year ago, but in the largest districts – even by 29%.
The largest number of apartments is offered in Purvciems, while the lowest number of apartment offers was in Bolderāja. In July, the number of offers increased more noticeably in Ilguciems – by 54%, while it decreased the most in Imanta – by 20%. Since the beginning of the year, the supply of apartments in the largest residential areas has increased and slightly exceeded 1,000.
Since the beginning of 2021, prices for apartments in all major districts of Riga have generally increased. The largest price increase since the beginning of the year in Riga’s residential districts was observed in Bolderāja (+ 8.9%). The largest monthly price increase was observed in Ķengarags – by 2.3%. The smallest changes affected Teika, where prices increased by 0.5%.
In July, the average price of standard-type apartments increased to 861 euros / m². Prices are on average 47% lower than on July 1, 2007, when the average price of an unrenovated standard-type apartment reached an all-time high – 1620 euros / m².
The highest prices of standard-type apartments are still in Teika, where the average price per square meter increased to 1000 euros / m². The cheapest apartments are in Bolderāja, where they cost on average 634 euros / m².
Looking at the types of buildings, the most expensive apartments were in the 119th and 104th series houses, but the cheapest – houses of the Lithuanian project and Khrushchev’s time.
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