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Apartment prices in Riga plummet 50 percent

Jun 03, 2009
By TBT Staff

PRICE PLUNGE: Apartment prices in Riga have fallen a staggering 50 percent, according to a recent property report, as the country continues to struggle amid one of the deepest recessions in the European Union.
RIGA - Apartment prices in Riga have dropped an unprecedented 50 percent, according to a report by the Global Property Guide. This plunge is now the deepest in the world in the first quarter of the year as the country’s economy slipped into one of the deepest recessions in the European Union.  â€œLatvia is in surprisingly deep trouble,” said the Global Property Guide report. “Average apartment prices in Riga declined an astonishing 50 percent over a year earlier to 747 euros per ...

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