Prices for apartments in new buildings in central Riga exceeded €2,400 per square meter. The growth rate of the cost of real estate in Riga this year amounted to 15%, according to Varianti.lv.
Today the cost of square meter in new buildings in the city center is €2,500, and in the Old Town it is €4,100. Thus in some parts of Latvian capital one can purchase much cheaper housing. Latio company claims that the average cost of square meter is now €1,243. But there still is a price increase of 11.6%.
Local residents seeking to purchase a house for €1,200 per square meter, which is significantly below the average price in capital. This situation leads to the fact that most of the housing in Riga is bought by foreigners.
Sales of new projects take up 10% of total apartments sales in Riga.