For more than two years, the price level of prefabricated apartments in Riga has been 600 euros per square metre invariably, with insignificant monthly fluctuations. In 2013, the average square metre price of apartments grew slightly each month, yet it featured fluctuations again in the end of the year. The average price of the apartments decreased 0.8% in December in comparison with November.

“In 2014, significant changes are not anticipated on the market of prefabricated apartments in Riga, therefore housing prices will retain the current level. Probably, segmentation of apartments will become more pronounced along with prices growing for quality housing which is strongly demanded by buyers, and prices reducing for property in bad condition. Like in 2013, the average prices of prefabricated apartments in Riga might add up to 3% this year. Despite the optimistic economic development forecasts, there are just a few factors at present that might trigger a stronger demand from local buyers at the nearest time,” explains Mrs.Vija Gailite, Head of Latio Residential Property Brokerage Department.

Currently, there is a limited supply of prefabricated apartments in good condition. Buyers prefer to purchase housing that is appropriate for prompt moving in, and so that improvement thereof would not require additional investments. In selection of an apartment, a great attention is paid to the amount of the apartment maintenance costs, technical condition of the building, improvement measures done and intended in the building, an important factor is the maintenance costs and quality, as well as the fact whether the land plot is owned by the apartment owners or it is rented.

Apartment prices change unequally in different parts of the capital city depending on the type of the multi-residential building. In December, prices of prefabricated apartments in good technical condition in parts of Riga like Purvciems, Plavnieki, Zolitude, Imanta, and Ziepniekkalns were as follows: EUR 23,000–29,000 for one-room apartments;EUR 30,000–39,000 for two-room apartments;EUR 37,000–47,000 for three-room apartments, EUR 43,000–50,000 for four-room apartments.