Prices of standard-design apartments in Riga suburbs decreased by 2% in February

Prices of the standard-design apartments in the residential suburbs of the Latvian capital Riga were down 2% month-on-month in February 2016, according to the latest market price indicator released by the Latvian Real Estate Dealers Association (LANIDA), cites LETA.

The prices of apartments offered on the secondary market in the Riga center dropped 7%, and the price of apartments in the Riga region grew 2.7%.

The prices of new project apartments in the Riga center declined 2% in February, while prices in Riga suburbs rose 5%, and in the Riga region prices declined 2.5%.

According to the price indicator, the price of new project apartments in the center of Riga was EUR 2,700 per square meter on average, EUR 1,300 per square meter in the Riga suburbs, and EUR 878 per square meter in the Riga region.

The average price for apartments on the secondary market was EUR 1,400 per square meter in the Riga center, EUR 675 per square meter in the Riga suburbs, and EUR 532 per square meter in the Riga region.

The average price for individual homes was EUR 1,048 per square meter in the Riga suburbs, rising 2.5% month-on-month, EUR 853 per square meter in the Riga region, growing 12%.