The real estate company "LATIO" has summarized the main trends in the real estate market for June 2024.
= Good news - a slight decrease in the EURIBOR rate (by 0.25%). This makes purchasing on credit more advantageous.
If the decline continues, there will be more buyers willing to apply for a mortgage loan.
= Up to 70 days (on average) are needed to find a buyer at market price.
= At the same time, 9% of properties find buyers within the first month.
= 52% of transactions were made without attracting credit, using the buyers' own funds.
= 24% of transactions in Riga were in the new construction segment. This is the segment that our company, KOM-INVEST, primarily works with.
= Given the increase in rental prices and the decline in mortgage rates, it is now more advantageous to purchase an apartment than to rent one.
Analysts have calculated that it is more advantageous to purchase a two-bedroom apartment in Riga with a 25-year mortgage than to rent. The monthly payment will be lower.
= The introduction of the so-called "partnership institute" will have a positive impact on the real estate market.
This is a new Latvian law that allows two people to regulate property and inheritance matters. For example, two pensioners, or two same-sex individuals. It will be more convenient to handle gift or inheritance transactions.
It will be more convenient to apply for a mortgage loan, since the bank will take into account the income of both people.
The Latvian real estate market is developing in a positive direction, and the situation is stable.
https://latio.lv/lv/majoklu_
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