The prices of serial apartments in Riga micro-districts are falling.

According to the data of the real estate market price indicator, which is published monthly by the Latvian Real Estate Transaction Association LANĪDA, it can be concluded that since April, the prices of secondary market apartments in Riga micro-districts have decreased every month. They reached their highest point in 2019 in March, when one square meter cost an average of 833 EUR/sq.m, but then prices fell. Despite the decrease in the average price for several months, the price of serial apartments has risen slightly since the beginning of the year. The data is collected from actual transactions. Serial apartments (which mostly form the secondary market of micro-districts) are still in demand in the market due to their low prices, although the buildings are increasingly dilapidated and the environment around these buildings tends to be relatively degraded. The price is significantly lower than the prices of new projects in micro-districts and, although not on such good terms as new projects, the bank still finances their purchase. For new projects, the average square meter price in July has slightly increased, by 3.35%, compared to the beginning of the year. The growth in the serial (secondary apartment market in microdistricts) segment since the beginning of this year has been 2.37%. According to the data of the Ministry of Finance, the inflation rate was 2.9% in July and it is gradually decreasing.

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