Despite challenging circumstances, the real estate market in Jurmala remains active. The main buyers are local residents. Affluent foreign buyers should not be relied upon. However, some sellers are specifically waiting for foreigners and hope to sell their properties at a high price.
• The number of transactions involving private homes and the overall transaction volume have declined compared to last year.
• This year, the largest private house sale transaction amounted to 2 million euros (the "Bulduru villas" project), whereas last year the largest transaction was 2.8 million euros.
• The total number of transactions and sales volume have also decreased in the apartment segment.
• The most expensive apartment this year was purchased for 1.53 million euros.
• As of September, 9 land plots were purchased in Jurmala. It is expected that by the end of the year this figure could reach last year's level, when 11 land plot transactions were concluded.
• In the apartment segment, there are cases where properties in "less than perfect condition," previously rented out, are being sold at around 4,000 euros per square meter, which according to experts is not always justified.
• What stands out particularly is that among private homes and apartments, it is difficult to find quality properties that meet the expectations of modern buyers.
Some buyers are willing to spend large sums, but they struggle to find properties where the price matches the technical condition and where there is well-thought-out planning. Many properties have outdated renovations, outdated design, and inefficient large floor areas.
• Buyers do not want large floor areas that require substantial maintenance costs. The priority is small, but well-planned apartments and houses. There is a need for modern, well-designed projects, but developers are not rushing to implement them.
• Residential buildings where apartments are sold as apartment units (that is, as a share of common property) are less popular with buyers.
• Local buyers, who make up the main part of the market, typically have budgets ranging from 200 to 350 thousand euros. During the first eight months of this year, 9 transactions were concluded for amounts exceeding 500 thousand euros.
• It is worth noting that at our company, this year there was one transaction in Jurmala where a three-room apartment was sold for 195,000 euros.
• There is an opinion that buyers from Lithuania will soon come to Jurmala (because in Lithuania, prices in Klaipeda and Palanga are much higher), but so far we have not seen interest from Lithuanians.
• Given the current market situation, some buyers may get lucky and manage to conclude a profitable deal. Nevertheless, many sellers have inflated expectations and do not fully understand real prices.
• Jurmala also exhibits strong seasonality. After the season ends, price reductions should be even more significant, or owners will have to wait for next year, however, none of us knows what it will be like.
• Sometimes sellers refuse offers from potential buyers who have offered market price or even slightly above. As a result, sellers remain waiting for what they believe is the "right" price.
"All the same, offers should be considered, since in the segment of premium, luxury real estate there are few buyers, and they are very selective," experts advise.
• In conclusion, it is worth noting that the Jurmala real estate market could be positively impacted if the municipality develops and implements a plan for actively attracting tourists.
Have questions? We look forward to your message or call!
Phone number: +371 29774775 (Viber, WhatsApp)
Email: info@kominvest.com