Latvia: Apartments in new projects steadily becoming more expensive

In Latvia over the past two years marked a steady rise in prices for apartments in new projects, reported online edition Baltic News Network . This is a relatively small supply of apartments in new projects, as well as a break in the construction of new apartment buildings, related to the recent crisis. In addition, the growing interest of foreign buyers to real estate in new buildings and renovated buildings in the center of Riga's Old Town. In the fourth quarter of 2011 the average price of new apartments in Riga is 1160 euros per square meter. m, which is 7.2% and 32% higher than the indicators of the last quarters of 2010 and 2009, respectively. The most dramatic jump in prices was registered for apartments in new projects, as well as in renovated buildings of Old Riga. In the fourth quarter of 2011 the average cost of such real estate was 3415 euros per square meter. m, which is 27.1% more than in the last quarter of 2010 and 45.9% more than in 2009. Compared with the third quarter of 2011, in the fourth quarter of the price of new apartments rose by 7% in the Old Town, and in the districts of Riga and in the center they have not changed. HomesOverseas.ru