“The apartment price growth is faster in new or fully renovated buildings in the center of Riga. It is explained by stable demand from foreign buyers, as well as by limited offer of quality apartments in the price range of 170–180 thousand euros,” explains Latio Apartment and Private House Sales Department Head Vija Gailīte.

The average price of apartments in new and fully renovated buildings in downtown Riga has increased by 5.2% in the third quarter, compared to the previous three months, and has reached 2,262 euros per square meter. Over the course of a year – from Q3 2011 – the average price of new apartments in the capital city’s center has grown by 15.1%.

Even more rapid price increase has been observed in Old Riga and in new and fully renovated buildings in its vicinity. Compared to the third quarter of last year, the average apartment price per square meter is up 21.9%, reaching 3,877 euros in July–September 2012. The average price has grown by 5.1% since Q2 2012.

The average price of new apartments in the residential neighborhoods of Riga in the third quarter was 1,174 euros per square meter, an increase of 0.3% from the previous quarter, and 1.3% from Q3 2011.

The price range of transactions is rather wide and depends on the location, the apartment’s finishing, and other factors. The prices of new apartments in Pierīga in September ranged from 700 to 850 euros per square meter;in the residential neighborhoods of Riga: 900–1,400 euros per square meter;in downtown Riga (also including the outer parts of the city center): 1,400–2,000 euros. Gailīte notes that the price of high-quality, renovated apartments in good locations in the center exceeds 2,500 euros and occasionally reaches 5,000–6,000 euros per square meter.

The average price of precast panel apartments in Riga in September remained at the previous month’s level of 582 euros per square meter. The price level of precast apartments has remained almost unchanged for around two years now, with only small fluctuations.