TOP 10 housing developers in Riga and Pieriga

At the moment, only a little more than 300 completely finished apartments in the economy and middle class segment are available in the first-time market in Riga and Pierīga, according to June data of the real estate consulting company Colliers. This can be explained both by the slow development of new projects so far and by the still high demand for energy-efficient and sustainable housing. Colliers data shows that in May of this year, 170 new housing transactions were registered in the economy and middle class segment in the first-time market. This is 57% more than a month earlier, when 108 transactions were recorded. The high demand for energy-efficient housing has contributed to an even greater deficit in the segment of fully finished new apartments – currently only 280 middle-class apartments and 40 economy-class apartments are available on the first-time market. Compared to May, the number of finished apartments in the first-time market fell by 8%, when it was 1,080, but compared to the situation a year ago, the number of finished apartments decreased by 42%. True, these data are mostly about transactions for which reservations were made last year or at the beginning of this year. At the same time, taking into account the increasing costs of construction, the unstable geopolitical situation in Europe and the lack of new housing, the number of reservations for apartments under construction significantly decreased in the second quarter of this year. If 381 apartments were reserved in the first quarter of the year, then in the second quarter the number of reservations in the economic and middle class segment decreased by 48%, reaching only 198 reservations. The average price at which apartments were booked in the second quarter was 2,020 euros per square meter for economy class apartments and 2,220 euros per square meter for middle class apartments.

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