Inter alia, volume of apartment transactions increased 17% in Riga in the first half-year, while volume of transactions for detached houses jumped 25.4%, indicated Land Registry data analysis conducted by Latio. In Riga, the quantity of apartment transactions exceeded the amount of house transactions remarkably – more than 4,000 apartments were purchased over the six months, thus accounting for about 90% of the total amount of housing transactions in Riga.

The specific weight of brand-new apartments within the total volume of apartment transactions fluctuates between 10–15% monthly in Riga, while most transactions are closed for precast concrete homes.

Price change dynamics is different in these market segments. The average price of precast concrete housing has been the same for a long time, i.e. about EUR 600 per square metre, whereas the price of brand-new apartments tends to grow. In Riga, the average price of precast concrete homes was EUR 599 per square metre in July, and it has grown 2.7% compared to July 2012. In the 2nd quarter this year, the average price of brand new homes was EUR 1,320 per square metre in parts of Riga beyond the centre limits, i.e., 12.8% above the price a year ago.

A similar price rise is observed also for apartments in brand-new and fully renovated buildings in Riga centre where foreign buyers sustain a significant share of the demand. In the centre of the capital city, the average price of brand-new apartments was 14% higher in the 2nd quarter this year than a year ago, and it reached EUR 2,450 per square metre. In the Old Town and the nearby area, the average price of brand-new apartments was 12.5% above the 2nd quarter records of last year, and it was fixed at EUR 4.150 per square metre.