Serial apartment prices have decreased for the second month in a row.

In April, the prices of serial apartments in the micro-districts of Riga decreased slightly, the average price decreased by 0.2% and fell to 818 EUR/m², according to the review of “Arco Real Estate”. In 2020, the prices of serial apartments decreased by 0.1% overall. Serial apartment prices decreased for the second month in a row. The price drop was small – on average around 0.2% per month. Negative price fluctuations were observed in some of the largest micro-districts of Riga in previous months as well. Prices in several of Riga’s largest neighborhoods, as well as in Pierīga, remained unchanged. At the beginning of 2020, the number of offers increased rapidly, but in March and April it fell below last year’s level. The total number of offers for apartments also decreased significantly during the last month – by 20%. The most significant drop in supply was observed in the central part of Riga, where it decreased by 27%. Since the beginning of 2020, the largest increase in the average price of one square meter of apartments in Riga micro-districts has been observed in Zolitūde (+ 0.7%). In other major micro-districts of Riga, prices both increased and decreased since the beginning of the year. The biggest price reduction since the beginning of the year in Riga microdistricts was observed in Teika (-0.9%). In April 2020, the average price of serial apartments decreased to 818 EUR/m². Prices were on average 49% lower than on July 1, 2007, when the average price of an unrenovated serial apartment reached an all-time high of 1,620 EUR/m². Apartment prices, judging by the number of rooms, decreased slightly in April. The average price per square meter of serial apartments decreased for one-room (-0.5%), two-room (-0.4%), three-room (-0.1%) and four-room apartments (-0.1%). In April, the offer of apartments in Riga, compared to the previous month, decreased by 20%. The number of offers in the largest microdistricts of Riga analyzed by “Arco Real Estate” decreased by 14%. Compared to April 2019, the offer of apartments was generally smaller: the total number of apartment offers is less than 23%, the offer of apartments in the largest micro-districts was also less than 17% compared to a year ago. Last month, the number of apartment offers in the largest micro-districts of Riga decreased. The number of offers decreased the most in Boulderai (- 44 %). The number of offers increased only in Imanta (+ 2%). On the other hand, in Zolitude, the number of offers remained unchanged during the last month. Analyzing the number of offers in proportion to the size of the micro-district, that is, according to the number of inhabitants, the largest number of offers was found in Mežciem and Ågenskalns in April, whereas the number of offers was proportionally the lowest in Bolderāja. In April, serial apartment price changes were observed in the largest micro-districts of Riga. In most of the micro-districts, prices decreased slightly – the biggest price drop was observed in Teika, where prices decreased by 0.9% during the month. On the other hand, in several microdistricts, no price changes were detected in April. In April, compared to the beginning of 2019, the prices of serial apartments were higher by 2.6%.

On the other hand, since the beginning of 2020, prices decreased by 0.1%. The highest prices of serial apartments in April were still in Teika, where the average price of one square meter decreased to 957 EUR/m². The lowest average price of one square meter in April was in Bolderāja – 585 EUR/m².

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