Interest to private houses in Riga grows

Interest to private houses in Riga grows

The first half of 2013 brought an increase in consumers' interest to private houses in Riga and Riga district, ee24 Daily reports citing Land Register shows that the number of transactions increased by almost 30%.

Buyers are primarily interested in home area of 150-170 square meters, which costs less than €150,000. If buyers can not find anything, then they are starting to look for land to build on.

The most popular are sites with all communications. Buyers often look for sites that cost no more than €40 per sq.m. in Riga and €20-25 per sqm in the vicinity of the capital of Latvia.

Apartments in new buildings in the central part of Riga cost an average of €2,500-4,500 per sq.m. Luxury accommodation in the same area costs about €7,000-10,000 per sq.m. Resellers in the city center cost about €1,200-3,000 per sq.m.

Foreigners buy real estate more often. The locals are not buying two-bedroom housing if it is more expensive than €70,000, and for the three-and four-room apartments Latvians are willing to pay no more than €100,000-140,000.