In June this year the Riga real estate market showed steady growth: sales in the Latvian capital increased by 13% compared to the same period last year, according to portal Baltic Course , citing data from the Real Estate Agency and Balsts news agency LETA.
Also increased and prices: for example, the cost of typical apartments in Riga increased in the period from January to June of this year by 3.5%, amounting to ˆ 696 per square meter. The highest prices for apartments were recorded in the district Teika (ˆ 839/1 sq. M). In Bolderaja apartment can be bought at the price of ˆ 478 per "square".
Experts predict a rise in prices for typical apartments, which could be the most rapid in the last five years. In most parts of Riga apartment prices for the period increased by 0,07-1,57%.
At the moment, the market is dominated by local buyers, which also contributes to the growth dynamics of the market, said Baltic Course. Basically they acquire apartments of 70-80 square meters. m at a price of about ˆ 100 000. The demand for apartments with a standard design can also "warm up" and the demand for apartments in new projects. It is also growing interest in the flats under renovation, the owners are often remade in facilities under lease.
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