In June 2024, no changes in prices for standard-type apartments were recorded in Riga microdistricts – the average price of standard-type apartments for the month remained unchanged, according to data published by Arco Real Estate. The average price of standard-type apartments in June was 849 EUR/m². Compared to the beginning of 2024, prices for standard-type apartments generally remained the same. In June 2024, apartment prices can be described as stable. In the largest microdistricts of Riga, only small price fluctuations were recorded. In several of the most expensive areas of Riga, the supply of “cheap” apartments that was observed in previous months has disappeared. Also in the vicinity of Riga, the market for standard-type apartments is assessed as stable – no significant price changes are observed. The number of apartment offers in the largest residential districts of Riga remained almost unchanged in June. The supply of standard-type apartments was only 4% higher than a year earlier. In the largest microdistricts of Riga, since the beginning of 2024, apartment prices have both decreased and increased. However, price changes in the first half of the year were insignificant and did not exceed 2%. The largest decrease in prices since the beginning of the year in Riga microdistricts was noted in Vecmilgravis (-1.8%). At the same time, the largest price increase was recorded in Zolitude this year (+1.1%). There have been no price changes in Ziepniekkalns since the beginning of the year. In June, the average price of standard-type apartments remained at 849 EUR/m². Prices were on average 48% lower than on July 1, 2007, when the average price of an unrenovated standard-type apartment reached a historical maximum of 1620 EUR/m². Also in June, changes in apartment prices were insignificant. The average price per square meter of standard-type apartments decreased slightly for two-room apartments (-0.1%). At the same time, the average price per square meter of three- and four-room apartments increased slightly in June (+0.1%). In turn, the cost of one-room apartments has not changed. Compared to the previous month, in June the supply of apartments in Riga decreased by 1%. The number of offers in the largest residential districts of Riga, analyzed by Arco Real Estate, increased by 0.3%. Compared to June 2023, the total number of apartment offers was higher: the total number of apartment offers increased by 9%, and the number of apartment offers in the largest neighborhoods increased by 4% compared to a year earlier. Based on the analysis of the number of offers of apartments in the microdistricts of Riga, it follows that in June the largest number of offers was in Purvciems, and the smallest in Bolderaja. Last month, in more than half of Riga's largest residential districts, the number of apartments on offer increased. The largest increase in offers was in Teika (+6%). At the same time, in Jugla the supply of apartments decreased significantly in June – by 14%. In June, analyzing the number of offers in proportion to the size of the microdistrict, that is, by population, the largest offer was in Agenskalne. While in Vecmilgravis the number of proposals was proportionally the smallest. In June, minimal changes in prices for standard-type apartments were recorded in Riga microdistricts. In the largest microdistricts of Riga, both positive and negative price fluctuations were observed. A significant increase in prices was recorded in Mezciems, where prices increased by 0.2% over the month. While in June, apartment prices decreased minimally only in Teika and Kengarags – by 0.1%. In almost half of the largest residential districts in Riga, no price changes were observed in June. Compared to the beginning of 2024, in June prices for standard-type apartments remained similar. At the same time, compared to the beginning of 2023, prices are 7% lower. The highest prices for standard-type apartments in June remained in Teika, where the average price per square meter dropped to 1071 EUR/m². The lowest average price per square meter in June was in Bolderaja – 644 EUR/m², which remained unchanged in June. In June, the most expensive apartments remained in series 119 and 104, where prices for two-room apartments in fair condition ranged from 51,000 to 55,000 euros depending on location. At the same time, the cheapest were in houses of the Lithuanian project, where the price range for two-room apartments was from 29,000 to 41,000 euros, and in houses from the Khrushchev era (the so-called “Khrushchevka”), where prices for two-room apartments ranged from 27,000 to 44,000 euros depending on the microdistrict.
