In June, the average price of standard-type apartments fell to 815 euros per square meter. Prices were on average 50% lower than on July 1, 2007, when the average price of an unrenovated standard-type apartment reached an all-time high – 1620 euros per square meter. In June, compared to the beginning of 2019, the prices of standard-type apartments were higher by 2.2%.
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The report states that the prices of standard-type apartments decreased for the fourth month in a row, but the drop in prices was small – on average about 0.2% per month. In some of the largest districts of Riga, negative price fluctuations were also observed in previous months.
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The largest fall in prices in June was observed in one of the most expensive districts – Pļavnieki and Mežciems. In most of the districts, prices decreased slightly – the largest price decrease was in Pļavnieki, where prices decreased by 0.9% during the month. However, in several districts no price changes were observed in June.
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The highest prices of standard-type apartments in June remained in Teika, where the average price per square meter remained at 957 euros per square meter. The lowest average price per square meter in June was in Bolderāja – 585 euros per square meter.
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Since the beginning of 2020, the largest increase in the average price per square meter of apartments in Riga’s residential districts has been observed in Zolitūde – by 0.7%. There have also been positive price changes in Jugla and Bolderāja this year. However, in most of Riga’s largest districts, prices have fallen since the beginning of the year. The largest price decrease since the beginning of the year in Riga’s residential districts was observed in Imanta – by 1.8%.
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In June, the average price per square meter of standard-type apartments decreased by 0.5% for one-room apartments, by 0.4% for two-room apartments, by 0.4% for three-room apartments and by 0.3% for four-room apartments.
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In June, the most expensive apartments remained in 119 and 104 series houses, where prices for two-room apartments in a satisfactory condition ranged from 50,000 euros to 54,000 euros, depending on the location.
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In turn, the cheapest were Lithuanian project houses, where the price range of two-room apartments ranged from 27,000 euros to 41,000 euros, and Khrushchev-era houses, where prices for two-room apartments ranged from 25,000 euros to 40,000 euros, depending on the neighborhood.
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