The offer of apartments in new projects in Riga increased by 17% in the second quarter

Compared to the first quarter of 2023, in the second quarter, the offer of new project apartments in the largest micro-districts and center of Riga increased – the number of offers was 17% higher, according to the new project market report of the real estate company “Arco Real Estate”. The offer in the center of Riga increased by 13%, while the number of offers in the micro-districts of Riga was 18% higher in June than at the end of the first quarter. Compared to the middle of last year, the total number of offers this June was more than 67%. In general, there were around 580 apartment offers in the new projects of Riga at the end of June 2023 (at the beginning of the year – 415), but the average price of apartment offers was 2,223 euros per square meter, which was 3% lower than in the first quarter. At the end of June, the average price of apartment offers in micro-districts of Riga dropped to 2,042 euros per square meter, while in the center district, the average price dropped to 2,727 euros per square meter. Thus, during the last quarter, the offer price in micro-districts decreased by 2%, and in the center of Riga – by 5%. Summarizing the number of offers, it was found that the largest offer of new project apartments in July 2023 was in Ågenskaln and Purvciem (in the first quarter of 2023 – Purvciem and Imanta). There were relatively many offers in Imanta as well. On the other hand, in Bolderājai, no new project offers were found at the end of the second quarter.

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