“Sharp Drop in Apartment Purchases in Latvia Housing Market: Analysis by Arco Real Estate”

This year in the housing market in Latvia has started with a sharp drop in new apartment purchase activity, real estate company “Arco Real Estate” has calculated. However, on the Baltic scale, the availability of housing in Latvia is higher than in its neighbors.

At the same time, taking into account the average gross salary in the country (1373 euros per month), it is quite difficult for the manager of this company, Aigars Šmitas, to understand for whom the new apartments are currently being built. Their average prices now exceed 2,000 euros per square meter. He thanks the banks for financing the developers of the new housing, and the developers themselves for a certain dullness, because currently they have to “juggle” the projects without profitability.