We present to your attention an article prepared by the Latvian real estate company "LATIO".
August turned out to be a more active month compared to previous ones. The most active segment is transactions ranging from 40 to 60 thousand euros using personal funds.
- On average, it takes 87 days to sell residential property at market price.
- Only 9% of properties manage to sell within a month from the date of listing publication.
- 45% of sellers initially set a price above market value.
- 30% of transactions (across all segments) are completed without bank financing.
- In Riga, the number of properties for sale increased by 15%. The number of properties for rent increased by 17%.
- In the new projects segment (apartments from developers), the average transaction price approached 2550 euros per square meter.
- Secondary sales in new projects (for example, in buildings that are 5-10 years old) are conducted at 1970 euros per square meter.
- The most active segment is serial apartments. On average, approximately 700 apartments in serial buildings are sold and purchased each month.
- In the private house segment, the number of offers is minimal. A good house can even be sold above market price simply due to the lack of alternative offers.
- The most active real estate market is in Riga and surrounding areas.
Negative factors affecting the real estate market are rising loan interest rates as well as the approaching winter with high utility payments. It can be predicted that in some cases, properties will be put up for sale precisely because it is unprofitable for owners to maintain them.
Source:
https://latio.lv/lv/majoklu_indekss_augusts_2023?fbclid=IwAR2pZLpyxT38CXIs7fhQ1EqJ4LPpy45T9_ItSwhQe5FS7D8wrH2VmMzMfac
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