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Property transactions up 13 pct in Riga in July

Xinhua, August 7, 2015 Adjust font size:

In July 2015, the number of property transactions in the Latvian capital city Riga jumped 13 percent from a month before, according to the latest market review released by Latvia's Balsts real estate company.

In most residential neighborhoods and the city center, apartment prices in standard design Soviet-era houses rose 0.25-1.06 percent month-on-month, while apartments in new housing projects declined in price by 0.14-0.9 percent, according to the Balsts report.

"Compared to the previous month, the number of property transactions in Riga went up 13 percent in July. In 2015, however, the number of property transactions has still remained 13 percent below last year's level because among non-residents demand for apartments in Riga has weakened, while many potential local buyers still find the prices to be too high," said Balsts CEO Aigars Zarins.

Meanwhile, demand for rental apartments in downtown Riga exceeded the supply, according to the report. "This allowed keeping the rent prices unchanged or even raising them slightly. Double-room and three-room apartments that are let out for 350-600 euros a month (exclusive of utility bills) are currently in the highest demand," Balsts experts said in the report.

Apartments with high-quality finishing in the historical city center were let out for 10-13 euros per square meter, and renting an apartment in exclusive buildings cost 20 euros per square meter.

Foreign students were charged 350 euros (382 U.S. dollars) a month for single-room apartments and 500 euros for double-room apartments on average. Endit