Apartments in Riga and Pierīga were bought last year even more than the year before, despite inflation, the rise of “Euribor” and general uncertainty. In 2022, the secondary market deserves the honor of champion in terms of the increase in the number of transactions, according to Swedbank.
On the other hand, after several years of impressive growth, a decline was experienced in the field of new projects. In Riga and Pierīga, despite the mentioned shortcomings, the majority of transactions still take place with apartments in serial buildings built during the Soviet era, but their dominance has significantly decreased in recent years. The offer of the secondary market (in which the bank does not include serial apartments, but includes new apartments that are marketed perhaps for the second or third time, as well as housing in the historic center) is a fairly large competitor for both new projects and block houses.
“If people choose to invest in housing, at the moment, at this stage of price growth, the card falls on the secondary market, and not on serial houses or new projects,” says Ina Liger, head of Swedbank’s Real Estate and Construction Company Service Department.
