Currently, only 140 fully finished middle-class apartments are available on the market for the first time in Riga and Pierīga, according to data from real estate consultancy “Colliers” for October.
This is exactly double compared to June of this year, when 280 fully finished apartments were available on the market for the first time in the middle class segment. True, the situation may soon be changed by the completion of several major projects and the introduction of completed new homes to the market.
Although, compared to 2021, the pace of buying new homes in the market for the first time this year has slowed, this has not prevented a significant reduction in supply in the fully completed middle-class housing segment in the last quarter. . While 280 middle-class apartments were available on the market for the first time in June, now they are only 140.
“So far, projects have started in 2022 in which most of the apartments have already been sold during construction. As there is a shortage of new completed apartments on the market, even apartments unsold during construction quickly find new owners. Therefore, the number of completed middle-class apartments on the market remains limited, “says Agija Vērdiņa, Associate Director of the Research and Consulting Department at” Colliers “.
At the same time, in the third quarter of this year, compared to the second quarter, the number of apartments under construction and bookable in the middle class segment increased by 26% (from 982 apartments in June to 1237 apartments in October). This, in turn, raises expectations that, if the current pace of apartment bookings remains and real estate developers put new, near-completed housing projects into operation, the proportion of ready-made middle-class housing available on the market will also increase. the first time it may increase slightly.
For example, the real estate developer “Bonava Latvija” plans to put five multi-apartment residential buildings into operation in the next month alone: two in Imanta in the “Vertikāles” project, two in Dreiliņi in the “Dreilinga majas” project and one in the new project in Teika, Ropažu Street.
“In our company, the end of the year is historically one of the most stressful times, because it often coincides with the final phase of our developed projects. Also this year, in November and December, we plan to complete and implement functions several multi-apartment residential buildings in various districts of Riga and Pieriga. And although most of the apartments are already sold out while still under construction, we expect several dozen new fully finished apartments to be available for sale in the near future. , where it will be possible to move immediately after purchase “. says Kaspars Ekša, sales and marketing manager of Bonava Latvija.
According to data from “Colliers”, a total of 2,680 apartments are currently available in the market for the first time (economic, medium, business and premium segments) in Riga and Pierīga, of which 830 are fully completed, while more than 1,850 are under construction. . More than 1,730 apartments under construction have already found their owners. If the average sales rate of the last 12 months were to be maintained, it would take just under two years to sell the apartments currently completed and under construction.
