In seaside villages, demand significantly exceeds supply

If a couple of years ago people were looking for houses near the sea in good technical condition – the furthest ones – in Lapmežciem and Ragaciem, now interested parties are also looking at suitable property options in Engure, Mērsrag and even Upesgrīva, concludes “Arco Real Estate” real estate agent Inga Freija. The demand for quality housing in the seaside villages on the Kurzeme coast of the Gulf of Riga has always been higher than the supply, moreover, properties in this region are sold only when the owner changes residence or is in financial difficulties. Likewise, a change in living conditions, for example, the desire to change a narrower living space to a larger one, can become a reason for selling the property. Buyers mostly choose seaside villages for two purposes – permanent residence and summer season recreation. If four years ago the search for vacationers dominated, now there are also those who sell their properties in cities and move to villages in a similar number. Another significant trend that has not been seen in other years is that supply has increased at the end of this summer. Arco Real Estate admits that this is due to the upcoming heating season and rising utility prices. Although activity in the seaside villages is sporadic due to the limited supply, transactions do occur. The activity is also significantly affected by the price of the offered property, that is, properties are sold quickly at a price corresponding to the market value, but sellers often set an inadequately high price, which slows down the market dynamics. Analyzing the offer prices, it has been observed that the price for similar properties will be the same both in Ragaciem and Engure, therefore “Arco Real Estate” concludes that the distance to the capital is no longer the determining factor in a person’s choice, but the surrounding environment and the real estate itself. Families in their 30s most often show interest in seaside village properties. These families, after carefully researching the place of interest, consider moving and settling down outside the big cities. As one of the most important arguments for such a decision, buyers mention the proximity of the sea and a more Latvian environment. The infrastructure intended for children is also a determining factor in choosing a particular property, that is, the presence of preschools, stadiums and clubs in the village is a prerequisite for choosing a place developed in this aspect, for example Lapmežciemu or Enguri.

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