Panel houses in Riga are 2 times cheaper than modern houses

Panel houses in Riga are 2 times cheaper than modern houses

Latvian real estate agencies say that apartments in panel houses in Riga have slightly increased in price throughout 2013 and cost €610-620 per sq.m. At the same time, in modern houses apartments priced €1200-1250 per sq.m are in demand, according to ee24.com citing varianti.lv.

The average price of apartments in Riga was, according to various sources, €801 in Q3 2013, and €1,006 in October 2013.

In 2013, 3 of 4 buyers of housing in Riga have chosen apartments in panel houses. Realtors say that one-room apartments in such houses are being sold for €23-30 thousand, two-room apartments are being sold for €31-40 thousand. Three-room apartments are worth of €36-47 thousand, and four-room apartments are worth of €45-55 thousand. For comparison, four-room apartments in new modern buildings in Riga can be purchased at an average for €110-115 thousand.