The most expensive apartment in Riga is located in the newly built Z-Towers and costs €11 thousand per square meter. Prices for luxury housing in Jurmala reach €12.6 thousand per square meter, according to ee24.com citing varianti.lv. It's not so much according to European standards. For example, prices for modest apartments in Monaco start from €22 thousand per square meter.
Portal ee24.com had already reviewed the elite housing in Riga, which includes Z-Towers. Penthouse on the 30th floor with an area of 623 sq.m is offered for sale for €6 million, i.e. for €11 thnd/sq.m. This is a record high for the total cost of apartment and for the price of square meter. Though, there are many offers for € 8-9 thnd/sq.m in Riga.
But nobody is in hurry to buy such expensive apartments. The largest transaction that has been completed in 2013 in Riga, was the sale of apartment of 404 sq.m for €2.1 million (i.e. €5.2 thnd/sq.m). At the same time, a lot of investors purchase apartments priced at around €1 million in the city centre as well as on the seafront in Jurmala.
According to experts, residential property in Latvia can be attributed to the luxury if its value exceeds €3-4,5 thnd/sq.m. Jānis Šīns from Latio believes that truly exclusive offers start from €5 thnd/sq.m.