According to analytical data, real estate prices in Riga's City Center declined by 6.7% in 2015 (starting from August 2014, when the highest prices were recorded).
The average real estate price per square meter was 2059 euros in January, 2042 euros in February, 2006 euros in March, and 1971 euros in April.
Price decline began in September 2014, when amendments to the Immigration Law were introduced (in September, the investment "threshold" for obtaining a residence permit was increased from 143,000 euros to 250,000 euros). Specifically in this segment (140,000 - 250,000 euros), the number of transactions decreased by 83%.
In the most prestigious part of Riga's City Center (the Quiet Center), the number of transactions declined by 56%, and in the Old Town - by 47% (comparing the first quarter of 2014 and the first quarter of 2015).
It is evident that now is a favorable time to purchase real estate in Riga's City Center in the price range of 150,000 to 250,000 euros. Overall price correction and low demand can allow you to negotiate a favorable purchase price and advantageous deal terms.
Moreover, real estate in Riga's City Center has many advantages - convenient location, excellent infrastructure (shops, entertainment venues, public transport stops, schools, and kindergartens within walking distance), proximity to parks (the center of Riga has many beautiful well-maintained parks).
Also, real estate in Riga's City Center has historical and cultural value - residential buildings have beautiful historic facades, attractive staircases, thick exterior walls. Apartments feature spacious and well-thought-out layouts, interesting decorative elements (tile stoves, ceiling moldings, ornamental cornices).
If you select an apartment in Riga's City Center in a well-reconstructed building, with convenient location, thoughtful layout, and quality interior renovation, such an apartment will always be in demand on the market, and its market value will not decrease.
Furthermore, apartments in Riga's City Center are always in high demand on the rental market. According to KOM-INVEST, the rental price for 2 and 3-room apartments is 350 - 1000 euros per month (plus utilities).
KOM-INVEST recommends to its clients to purchase apartments in Riga's City Center! We will select suitable apartment options, show you the selected variants, and help you complete the transaction!
Have questions? We await your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
Skype: KOM-INVEST