Latvia's Housing Market Recorded a Double-Digit Decline in Prices
December 27, 2022
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In the third quarter of 2022, housing prices in the country decreased by 12.71% year-on-year.
Latvia's housing market remains unstable: average prices for apartments in Riga adjusted for inflation fell by a huge 12.71% during the year to the third quarter of 2022, in contrast to the growth of 5.13% in the previous year. Although in nominal terms, housing prices are still growing by 6.65% year-on-year in the third quarter of 2022.
The big difference between nominal and real figures is associated with an increase in inflation. In November 2022, the national inflation rate was 21.8%, which is close to the record high of 22.2% reached in September. Compared to the previous quarter, real housing prices in the capital decreased by 6.81% in the third quarter of 2022.
Supply and demand. Demand is recovering rapidly amid the gradual easing of travel restrictions and other restrictions related to the pandemic. In 2021, the number of residential real estate transactions in Riga increased by 20% compared to the previous year. By the end of 2021, about 1800 apartments in Riga were available on the market.
However, according to Ober Haus, the total number of apartments built in the city decreased by 10% year-on-year to 1,973 units in 2021.
Prices and profitability. The average cost of a two-bedroom apartment in the center of Riga is €172,000. You can rent it out for €750 per month. Thus, the yield will be 5.23% per annum.
Propreties for sale in Latvia:
420 000 €
House in Jurmala, Latvia
260 sq.m53
Residence
We offer a house for sale in Jurmala, Dzintari.
The house has an area of 260m2, located on a cozy plot of 1000m2.On the ground floor of the house there is a hall, a spacious living room with a fireplace, which is combined with a kitchen area and access to the terrace, a guest bedroom, an auxiliary room / laundry room, a garage for 2 cars.On the...
VIP Real
354 200 €
Flat in Dzintari, Latvia
108 sq.m3
Residence
For sale a beautiful apartment in the heart of Jurmala in Dzintari in a club-type house, which was commissioned in June 2022.
A comfortable layout includes a spacious living room combined with a kitchen and dining area, a corridor, a guest bathroom, second nathroom with the bath, two bedrooms and 2 cozy balconies. The plan of the apartment in...
Mercury Group
790 000 €
Cottage in Latvia
90 sq.m431
Residence
Reindeer herd: 120 pieces; Land 59.8 haBusiness prospects: Tourism; Commercial hunting; Sale of meat; Horn trade; Animal installation of the deer garden was started in 2000, the infrastructure was regularlyegnated poles and titanium fence "Tornado" have been garden is divided into six parts.
Habita International Estates Ltd
370 710 €
Flat in Bulduri, Latvia
108 sq.m4
Residence
It’ s an excellent opportunity an apartment in Bulduri, which consists of 3 separate buildings, with 38 apartments. The building is equipped with a multi-level security system, noiseless lifts, sound proof windows. Landscaped territory with a children's playground.
The complex has an underground garage for 46 cars, 2 shops, a restaurant, a...
Mercury Group
180 000 €
House in Jurmala, Latvia
75 sq.m41
A new, modern house is offered for sale, in a quiet area of Jurmala. The house was commissioned in 2021. The total area of the house is 75 sq.m., a small, cozy plot of land of 500 sq.m. The house has: entrance hall, kitchen, living room, bathroom, three bedrooms. The sea is 900 meters away. Yomas Pedestrian Street and Dzintari Concert Hall are a...
VIP Real
340 000 €
Flat in Jurmala, Latvia
94 sq.m32
Residence
Cozy apartment for sale in the new project "Astra House", on the sea side in Pumpuri. The apartment has a living room with a kitchen-dining room, 2 isolated bedrooms, 2 bathrooms, a separate dressing room. The apartment is fully furnished. The apartment also has a large spacious terrace of 59.7 square meters. meters. The cost of maintenance of...
VIP Real
650 000 €
Flat in Jurmala, Latvia
137 sq.m43
Residence
We offer to buy an apartment in the SUN TERRACES project in Dzintari, Jurmala.The total area is 156m2, the living area is 137m2 and the terrace is 19m2. The apartment has a high-quality renovation. A spacious living room combined with a kitchen, a utility room, three isolated bedrooms and three bathrooms (two bedrooms with their own bathroom).An...
VIP Real
475 000 €
Flat in Riga, Latvia
136 sq.m33
Residence
An apartment for sale in the embassy district.The apartment is located in a beautiful, renovated, historic house,
which is an architectural monument. The apartment has a living room,
a separate kitchen, two bedrooms and three bathrooms (a master bedroom with its
own bathroom with shower, a second spacious bathroom with a bathtub, two
sinks and a...
VIP Real
6 500 000 €
House in Jurmala, Latvia
1150 sq.m10
Exclusive spacious property in Vaivari, Jurmala, 50 m to the sea.
The house has 10 bedrooms, swimming pool (179 m2), sauna, gallery, veranda, large terrace, garage (108 m2), basement, several utility rooms and premises for staff.
Metropolis Riga
118 845 €
Flat in Riga, Latvia
42 sq.m21
We offer for sale a modern apartment with a fireplace in a renovated house in the center of Riga.The apartment has a hall combined with a kitchen-dining room, one isolated bedroom and a bathroom.The apartment is equipped with all necessary furniture and appliances. The apartment is decorated in a modern style using natural, high-quality...
VIP Real
399 000 €
Flat in Riga, Latvia
119 sq.m432
We offer for sale a 4-room apartment in the new Parkers project in the quiet center of Riga with an evening sunset on the terrace.
The project is distinguished by its excellent location, high-quality finish, excellent management and low utility costs.
Description:
The total area is 118.5 square meters, including a terrace of 22 square...
Metropolis Riga
388 800 €
Flat in Riga, Latvia
108 sq.m4
Residence
A unique apartment with a view of the Latvian National Opera and a short walk to the Old Town is offered for sale. In one of the historical buildings of Riga, which was designed by architect Janis Friedrich Baumanis. In the eclectic design of the facades of the building, Baumanis used details stylized as Renaissance and classicism, which can...
Mercury Group
760 000 €
Flat in Riga, Latvia
168 sq.m43
Residence
Sunny modern apartment in the Prime Residence project in Old Riga.The club-type house, which has only 9 apartments, is located in one of the most prestigious historical places in Old Riga.The
elegant two-room apartment of 167.8 m2, located on the 5th floor, has a comfortable and thoughtful layout:
kitchen area, living room, 2 bedrooms,...
VIP Real
423 600 €
Flat in Riga, Latvia
89 sq.m3
Residence
We offer for sale new 2-bedroom apartment in the unique project HOFT - House of the flying trees.
This apartment has a layout with 2 bedrooms, 2 bathrooms, a spacious living room, a kitchen area and a dining area. The living area of the apartment is 89,8 square meters. Apartment is offered for sale with finishing.
Project is located on a...
Mercury Group
350 000 €
Flat in Riga, Latvia
126 sq.m4
Residence
We offer for sale a spacious, fully furnished 4-room apartment in a well-maintained area of Kalnciema.
Convenient location - 7 minutes to the city center and 10 minutes to the airport. Developed infrastructure, calm atmosphere and public transport accessibility.
The apartment was built according to special project, in which two...
Mercury Group
1 237 000 €
House in Riga, Latvia
366 sq.m533
Residence
We offer for sale an exclusive villa in a modern style in one of the most prestigious area of Riga - Mezhaparks!
Unique concept The Mežaparks Residence covers an area of 31 hectares of the prestigious and picturesque Riga district - Mežaparks, preserving the natural environment and terrain, with harmony between the old Mežaparks and modern...
Mercury Group
384 300 €
Flat in Riga, Latvia
165 sq.m642
Residence
We offer a beautiful, spacious apartment in the center of the city, near one of the most beautiful squares of the city-Gertrude. The apartment is located in the center of Riga, just 10 minutes walk to the Old Town, to the Riga Gallery Gallery 5 minutes walk.Also close by are Arena Riga, the Olympic sports center, parks, cafes, restaurants....
Mercury Group
375 000 €
House in Riga District, Latvia
386 sq.m6
Residence
A wonderful single family detached house in the beautiful place near the sea, surrounded by pine trees, is offered for sale! This fantastic property consists of 6 rooms (there is space for fireplace and wardrobes), a kitchen, 3 bathrooms, SPA zone with sauna, swimming pool and rest area, a garage for 2 cars. A nice place to live!
A wonderful...
Mercury Group
360 000 €
Flat in Riga, Latvia
165 sq.m5
Residence
For sale 5-room apartment on the 2nd floor with a total area of 165 sqm in one of the few fully renovated Art Nouveau buildings in the part of Riga’s quiet center - a wonderful location. Apartment technically and visually in a perfect condition, comfortable layout: 5 separate rooms, windows overlooking the facade and the courtyard. Great offer...
Mercury Group
342 800 €
House in Riga District, Latvia
245 sq.m4
Residence
This luxurious one-story home will impress you with its sophisticated design and uncompromising functionality.
Immerse yourself in an atmosphere of comfort and coziness, discovering a world of spacious spaces, style and convenience inside the house. The internal area is impressive with its 160 square meters, and pleasant bonuses in the form of...
Economy. Latvia's economy shrank by 0.6% in the third quarter of 2022 compared to a year earlier, in contrast to the annual growth of 2.9% in the second quarter and 6.7% in the first quarter, as the manufacturing sector is constantly experiencing a negative impact of rising inflation, according to the Central Statistical Office of Latvia. This was the first decline since the first quarter of 2021.
As a result, the Central Bank's GDP growth forecasts for 2022 were recently revised downward to 2.1% compared to the September growth estimate of 3%. In 2021, the economy grew by 4.5%, noticeably recovering from the 3.8% drop recorded in 2020.
