Last week, at our client's request, we studied and compared which is more advantageous - buying an apartment in a new development from the developer, or buying an apartment on the "secondary market" from a private seller.
In some cases, a secondary purchase will be more rational.
As of June 2021, the following trends are observed:
- Developers are selling very compact apartments (studio - 30 sq.m, one bedroom - up to 50 sq.m., two bedrooms - 60-70 sq.m.).
- The cost per square meter starts from 1900 euros, even in residential districts. The smaller the area - the higher the price per square meter.
- Apartments in new buildings will be without furniture, without equipment, without appliances.
Accordingly, if you select a "secondary option" where the building is still in good condition, you can do light renovations and get an apartment with a larger area, a more convenient layout, and with furniture.
Interestingly, one of Latvia's largest developers (Finnish company YIT) confirms our observations:
"In Riga - the primary market of new apartments in residential districts remains. The figure is close to 1950 euros per sq.m. This is not due to developer greed, but to the cost of construction, which is constantly growing."
"You can reduce construction costs through certain technical solutions related to comfort. Savings are possible by eliminating underground garages - those increase construction costs. Or, for example, by varying ceiling heights - whether it will be 2.55 meters or 2.70. This affects the volume of the building and the amount of material used."
"As for area, 2-room apartments are 42-46 sq. m, three-room - 58-62, four-room apartments rarely exceed 78 sq. m. Other developers make much smaller apartments".
If you need to compare and assess your chosen property, or if you are just looking around - contact us, we will be happy to help!
Source of information
https://www.varianti.lv/ru/novosty-i-analytika/6739-po-individualnomu-zakazu
If you wish to purchase any good property, and individual approach is important to you, if you want to communicate with a real estate agent and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw your attention to important details, complete the transaction, arrange a residence permit and manage your property.
For more detailed information about obtaining a residence permit in Latvia, see here in different sections.
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Email: info@kominvest.com