The price of a standard issue Soviet-era apartment in Riga rose by 0.1 percent in the month of June according to the Latvian Real Estate Association (LANIDA). In contrast, the prices of new apartments in downtown Riga and the suburbs fell by 1 percent over the same period. However, prices of new apartments in the Riga region, including the popular seaside town of Jurmala, rose by 0.2 percent. According to the data, which was compiled from completed sales by Ober-Haus, Latio and Balsts, the prices of new apartments in central Riga fell to €2630 per sqm and €1390 sqm in the suburbs. However, prices of new apartments in the Riga region and Jurmala rose to €890 sqm and €2800 sqm respectively. The results come in stark contrast to last week’s reports in Tallinn where residential prices leaped 7 percent in the same month.
