In 2012, the number of offers in the property market in Latvia has increased significantly due to the objects taken over subsidiaries of banks, thereby increasing the number of transactions by 20-35%. The property prices in Latvia increased by 2.5%, according to Varianti.lv.
According to experts, in January 2013 real estate market in Latvia was quiet, calm and without major fluctuations. BALSTS index increased by one point, reaching - 130. In January 2013, the prices of apartments in new projects (Jugla, Plavnieki, Ziepniekkalns, Imants, Zolitude and Vecmilgravis) increased by 0,17% - 0,67%. However, in the center of Riga (Mezaparks, Mezciems and Bolderaja) reduction in prices was 0,08% - 0,67%.
Current time price rises for new real estate (+17% in 2012) and the lack of rental housing (highest demand – Skanstes Street and Riga’s center). According to forecasts, in 2013 the amount of taken over property in Latvia will increase, which will affect the housing market model and new projects.