Compared to December 2011, the average price of precast panel apartments per square meter was 1.4% higher in Riga, but compared to December 2010 – 0.7% higher. The price level of precast panel apartments has been remaining unchanged for more than two years though fluctuating slightly up or down monthly.

“In 2013, the price level of precast panel apartments will not change significantly;the average price is likely to increase at around 5%. In this major apartment segment, there are currently no factors that might contribute to rapid growth in demand and, consequently, remarkable price changes. Bank subsidiaries play a growing role in widening the supply. It is expected that in 2013 housing supply owned by banks might enlarge, affecting both market of precast panel apartments and new developments,"explains Vija Gailite, Head of Latio Residential Brokerage Department.

She adds that increasingly more pronounced further segmentation might take place in the market of precast panel apartments – the price will be on the current level or will grow a little bit for properties in good condition, on good location, with land shares included in the composition of the property, whereas prices will go down for the apartments requiring thorough renovation.

In the December, the strongest demand was in precast panel apartments in good condition, yet there is shrinking supply of apartments meeting requirements of buyers at a price adequate to property quality and the market situation. Being aware that the price level of precast panel apartments is invariable for the present, buyers are not in a hurry to take decision on property purchase and take their time to find a home meeting their demands. Buyers express interest in purchase of precast panel apartments for the buy-to-let purpose.

There are varied changes in prices of precast panel apartments in variant types of multi-residential buildings in different parts of the capital city. In December, prices of precast panel apartments in good technical condition in parts of Riga like Purvciems, Plavnieki, Zolitude, Imanta and Ziepniekkalns were as follows: EUR 21,000–29,000 for one-room apartments;EUR 28,000–39,000 for two-room apartments;EUR 32,000–47,000 for three-room apartments, EUR 39,000–49,000 for four-room apartments.