Secondary housing market in Latvia goes out of stagnation

Secondary housing market in Latvia goes out of stagnation

Secondary housing market, one of the most underdeveloped real estate market segments in Latvia, goes out of stagnation, said Chairman of the Board «LatMLS», brokers association, Olga Zenchik:

«A few years ago even think about selling an apartment in the apartment buildings was useless. Today, such properties quickly find their buyers».

The cost of housing in apartment buildings is on the rise. Increase is about 2% in the quarter, while inflation in Latvia is growing much faster.

«Today, the buyer dictates the prices of secondary properties. If the seller overprices cost of the apartment - he will wait for a buyer infinitely. Because compared to other proposals published in magazines about the property, on portals and ads, he will look like a white crow. So, sellers have to adjust to each other».

Chairman of the Board «LatMLS» remind that during the rise of real estate market, prices have been rising rapidly, and customers for a long time making the decision risked being late. In light of today's passive market, you can look for an apartment six months or a year, without any worry about price fluctuations.

«Should not try to jump over your head, if you find an apartment, which costs less than it could be - do not delay the decision, because the object will be bought by another buyer», - says Olga Zenchik.