Apartment transactions in Riga fell by 12 percent in 2015, according to a report published by the real estate company Latio. Prices also saw an overall drop of 22 percent, an €80m to €100m y-o-y loss for the market, the figures show. The decreases were attributed to a fall in foreign demand and a weak Russian ruble. Changes to the country’s immigration law also impacted sales. Transactions in the city’s exclusive embassy district, which mostly attracts foreigners, dropped by 56 percent in 2015. Meanwhile, sales of units in the city’s outer districts, which attracts a high level of domestic buyers, fell by just 10 percent y-o-y.
