„There is difference also in the change dynamics of property selling prices - apartments in thoroughly reconstructed buildings increase in price, whereas the prices of apartments in the non-renovated buildings tend to decrease slightly. The demand for quality apartments in the city centre and the selling price difference between renovated and non-renovated homes encourage starting renovation of such apartments. Similarly, interest in buying small property such as lofts, has got stronger in the centre of Riga in recent months for the purpose of reconstruction and selling thereafter,” explains Aldis Riekstiņš, Head of Brokerage Department.

The bulk of foreign buyers seek to buy apartments in fully reconstructed buildings in Riga centre. Local buyers are satisfied with renovated stairwell and the front of the building while the apartments are often admitted to be non-renovated, and therefore can be bought at a lower price. If the stairwell is in bad condition, buyers would not purchase quality apartments in such a building.

Foreign buyers prefer property in the Old Town, the silent centre and the remote area of the centre within a price range up to EUR 160,000–180,000. The reason for such demand is the wish of buyers to obtain temporary residence permit after property purchase. Foreign demand is sustained also in purchase of more expensive apartments in fully renovated buildings on prestigious locations. In the centre of the capital, local buyers show interest in apartments with their price not exceeding EUR 100,000.

In January, the range of typical prices per square metre for different classes of apartments depending on their space was as follows in Riga centre: in non-renovated stone buildings in the Old Town - EUR 1,900 – 2,000, in silent centre - EUR 1,600 – 1,700, in the near centre - EUR 1,200 – 1,300, in the remote centre - EUR 600 – 700;in partially renovated stone buildings in the Old Town - EUR 2,200 – 2,600, in the silent centre – EUR 2,200 – 2,500, in the near centre - EUR 2,000 – 2,300, in the remote centre – EUR 1,000 – 1,200;in thoroughly reconstructed buildings and the new developments in the Old Town - EUR 3,400 – 3,500, in the silent centre - EUR 3,200 – 3,400, in the near centre - EUR 2,800 – 3,100, in the remote centre - EUR 1,800 – 2,100. The price approaches to EUR 5,000 – 6,000 per square metre for apartments with smart layout, exclusive decoration in quality renovated buildings on prestigious location in the Old Town, in the heart and the remote areas of the centre.