Riga apartment prices went up again last month. Same story every single month this year.
Flats in the city’s Soviet-era block estates are up more than 10% since January, hitting an average €978 per square metre in September, says the latest market review from Arco Real Estate, as LSM reported on Monday.
Key facts
- Average price: €978 per m² in September, up 0.6% on August
- Since January: up more than 10%, rising every month
- Fastest climbers: Imanta +13%, Āgenskalns +12%
- Priciest: Teika at €1,163 per m². Cheapest: Bolderāja at €728
- Still about 40% below the 2007 peak of €1,620 per m²
How much does a flat in Riga cost now?
For a two-room flat in decent shape, the top of the block market is the 119 and 104 series buildings, at €58,000 to €62,000 depending on the area. The cheapest two-rooms sit in Lithuanian-project blocks (€34,000 to €50,000) and Khrushchev-era blocks (€33,000 to €51,000).
Two-room flats have climbed the most this year, up 11.2% per square metre.
Which Riga neighbourhoods are rising fastest?
Imanta and Āgenskalns lead the year. Teika, the priciest estate, and Bolderāja, the cheapest, grew slowest, both around 7%. In September alone Jugla jumped 1.5%.
The pace did ease a touch. September’s rise was smaller than August’s 0.9%, as listings grew 4% in a month, to almost 1,200 flats for sale in the big estates. Āgenskalns has the most on offer, Bolderāja the fewest. Compared with a year ago, though, there are still 15% fewer flats on the market across Riga.
Looking just outside the city? Ogre is already level with Riga at €977 per m², up 11% this year. Salaspils sits at €913, Kauguri in Jūrmala at €887 and Jelgava at €807.
Still 40% under the 2007 peak. Tell that to your bank, Riga.
Photo: Apartment blocks in Imanta, Riga — Laurijs Svirskis / Wikimedia Commons, CC BY-SA 3.0.
