May 25, 2015
The average price per square meter in new residential districts of Riga in the first quarter of 2015 decreased per € 50 compared with the end of last year, and amounted to € 1 410 EUR (- 3,4%), and in the central districts dropped to € 2510 / m² decreasing per € 40 EUR / m², or 1.6%.
Reducing the average price still does not speak about the general prices decrease, but it shows the change in the structure of the transaction: as a trend - increasing the number of transactions with cheaper apartments. For example, the number of sales of apartments in the residential districts of Riga in a price range from € 600 to € 800 / m² in the first quarter of this year increased per 37.5%.
The total number of transactions in new projects in residential and central dictricts has decreased by almost half (49%) compared to the same period last year.
In residential areas, where two-bedroom apartments have become the most popular object of purchase in the first quarter of this year, the majority of transactions took place in the price range from € 1000 to € 1400/sqm, while in the city center, dominated by the demand for two- and three-room apartments, most transactions took place in the price range from € 1800 to € 2200 / sqm.
The total amount of the deal has also changed: the number of sales in the range of € 30 000 to € 50 000 has grown over 65%. But in the price range from € 50 000 to € 120 000, which prevailed last year, decreased by 54%.
With regard to transactions on € 250,000 euros (this is the minimum threshold for obtaining a temporary residence permit) in the first quarter of this year, it took place only four deals, which is 75% less than in the fourth quarter of 2014, and 85% less than in the third.
Based on the information of baltic-course.com