Average price of Soviet-era apartments in Riga up 3.9% in 2018 - Arco Real Estate

RIGA - Last year, apartment prices in Riga’s Soviet-era standard design houses climbed 3.9 percent on average, Arco Real Estate said in its latest property market review.

The company’s representatives informed that in December 2018 the average apartment price in the Soviet-era houses rose somewhat but that the increase was small in comparison to the price hikes recorded at the beginning of last year. As a result, the annual price increase stayed below 4 percent in 2018.

In December last year, the average apartment price in Riga reached EUR 797 per square meter, which was still two times lower than the all-time high of EUR 1,620 per square meter, recorded in July 2007. Compared to the beginning of 2017, the average apartment price had climbed 13 percent in December 2018.

In 2018 apartment prices rose at the steepest rate in Teika neighborhood where a square meter rose in price by 5.3 percent over the year. The slowest increase was recorded in Imanta where a square meter in Soviet-era apartments became 2 percent costlier.

In December 2018, the average price of single-room apartments rose 0.1 percent, the price of double-room apartments went up 0.5 percent, the price of three-room apartments increased 0.3 percent and the price of four-room apartments was up 0.1 percent.