Number of transactions in the real estate market in Latvia has increased by a third

Number of transactions in the real estate market in Latvia has increased by a third

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.