According to experts, construction material costs continue to rise. This issue is observed not only in Latvia but in other countries as well. According to various estimates, the price of metal, cement, wood and other materials increased by 30-50% (in 2021 compared to 2020). This means that apartment prices in new developments will soon increase by 15%.
If prices rise in one segment, it inevitably affects other segments as well.
Other segments include apartments in already completed and operational new developments, where prices will approach newly constructed buildings. There are also standard apartments, where experts expect price increases of up to 10%.
Specialists at our company agree with this assessment. In our development projects, we notice that certain construction materials are becoming more difficult and expensive to purchase.
At the same time, demand for housing is growing rapidly. By increasing the selling price, developers can offset rising construction costs.
However, the difficulty lies in the fact that no expert knows what the "limit of price increase" is. There is a conflict of factors. On one hand - general inflation and increased construction costs. On the other hand - purchasing power and risk assessment by banks.
Therefore, we agree with the experts' opinion - the best time to buy real estate is now! After all, next year, the same property could cost 10-15% more.
Contact us, and we will be happy to find the right property for you!
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