Apartment sales on the Riga market increased by 23 percent y-o-y in May, according to the real estate company Balsts. Prices also increased between 0.66 percent and 1.43 percent, hitting €695 per sqm on average. The highest prices were reported in the city’s Teika neighborhood at €831 per sqm, while the lowest were reports in the Bolderaja suburb at €478 per sqm. Low mortgage rates have help drive sales, said Aigars Zarins, CEO of Balsts.
“A couple of years ago people rarely chose to reserve for themselves an apartment in a building still under construction. But a trend observed this spring shows interest from potential buyers already in the early stages of construction because many developers offer a discount of up to 10 percent in case of early reservation,” Zarins told the Latvian News Agency.
