What is characteristic of the premium apartment segment in the center of Riga?

The premium apartment segment in the real estate market is characterized by three main features:
● location;
● object quality;
● price. Location
The location of the property is one of the most important aspects that distinguish the apartment as premium
segment. Premium class is the center of Riga, Mežaparks, Ķipsala, as well as the nearby Āgenskalns. Outside
Riga – Jurmala. As the senior salesman of Latvia Sotheby’s International Realty Aigars Strods explains, in general at
Premium class also includes houses that are not located in the Riga district, but are with another addition
value, for example next to a body of water. Also, this segment includes manors and castles as well
various rural properties. The most frequent reason why buyers choose premium class apartments in the center of Riga is
family logistics – nearby schools and clubs for children.

Object quality
The premium segment includes new, as well as renovated and pre-war buildings.
In this class, the most frequently purchased property is a 4- to 5-room apartment in the center of Riga, approximately 120 – 150
square meters in a renovated house. The greatest demand is for recently renovated, already well-furnished properties, light
in Scandinavian design. When evaluating the quality of a premium object, the ceiling height of the apartment is also an important criterion. After
according to the specialist, it should be 3 meters in this class, in reality they are most often 2.85 – 2.90
meters. The average budget for Price Premium apartments starts from 250,000 euros. If housing of this class is also available
all the necessary infrastructure – for example, an elevator, a heat meter and a parking space, –
buyers are ready to pay 4,000 – 5,000 euros per square meter. According to statistics, this year in Riga the following were sold in the premium segment:
● 120 properties in the budget starting from 250,000 euros;
● 62 properties in the budget starting from 350,000 euros;
● 18 properties in the budget starting from 500,000 euros.

Current trends In the last two years, the number of transactions in the premuim segment has increased, currently they are also being redeemed
properties that have been for sale for a long time. The main buyer is a local resident.
However, according to experts, the offer in this segment in the center of Riga is not very wide, at the moment
only a limited number of properties are available for purchase. It is predicted that there will be new ones in the coming years as well
premium class buildings will not be built, as new developers from abroad are unlikely to enter,
while the existing ones indicate that the current market situation is not favorable for starting a new construction
construction. Those who currently want to buy a premium class apartment should contact their agent
supply, because properties in this segment are often bought without even going public
for sale. Premium apartment transactions are taking place in Latvia! 👑 Learn more about the peculiarities of this segment LIVE with Latvia Sotheby’s International Realty senior salesman Aigaras Strodas and Tribus real estate agents Igors Trošinas and Antons Štekleinas.