We present to your attention an article prepared by our colleagues and partners from the real estate company Starlex Real Estate.
According to the Land Register, in 2021, 13% more transactions were registered in Riga compared to 2020. Across the entire country, the increase was 11%.
The main driver was that people are changing their lifestyle. Many are selling apartments and relocating to private houses. In such a situation, transactions occur simultaneously in two segments (apartments and private houses). This is reflected in prices. In the suburbs of Riga, houses have become more expensive by 10-15%. The most in-demand houses are 140-230 sq.m, in the range of 180,000 euros - 350,000 euros.
For those unable to find a house, buying land is an option. This segment is also active, especially if the plot is connected to utilities and is located in a convenient location.
As for apartments, previously many developers in new buildings focused on two-bedroom apartments (they were predominant), but now the situation has changed. If a young family has to choose between a spacious two-bedroom apartment and a compact three-bedroom apartment, the choice will be in favor of a three-bedroom.
Large apartments (over 160 sq.m.) are increasingly in lower demand because their maintenance, with rising costs of electricity and heating, is becoming increasingly expensive.
Apartments have become more expensive by an average of 13%. Standard apartments have already exceeded the 1,000 euros per square meter mark. New projects, even in residential neighborhoods, are offered at 2,000-2,100 euros per square meter. Successful projects are reserved during the construction phase. Accordingly, when the building is put into operation, those who made reservations can rejoice at their timely actions, as the developers have very few apartments left, and the remaining ones are offered at a higher price.
It should be noted that buyers are becoming more educated and carefully study what the costs of maintaining and operating the property will be.
According to our colleagues at Starlex Real Estate, prices in the new year will continue to grow.
Source: https://www.city24.lv/real-estate-news-story/17124/starlex-real-estate-2022-gada-ipasumu-cenas-turpinas-pieaugt
If you wish to purchase any good property and personal attention 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 find a suitable property for you, answer all your questions, draw attention to important details, arrange the transaction, arrange your residence permit, and manage your property.
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