Stabilization in the segment of serial housing
Stabilization ... According to the statistics, prices increasing of serial housing (soviet period dwelling buildings) was stopped. According to Arco Real Estate, since this year May, monthly fluctuations in prices for apartments in Soviet-built houses do not exceed 0.2%, and in some months they haven’t changes at all. From the beginning in 2007, the prices in the segment were rising rapidly. For example the total increase during two years period of 2017 and 2018 was 16.8%. This means that for some time price increasing process is completed.
In some Riga’s district like Ziepniekkalns and Plavnieki in the beginning of autumn there was even a small minus. Analyzing this, it is logical to assume that period of stabilization has begun. In the middle of autumn price level was a little less than 800 euros per square meter. m. This is for apartments with no fresh furnish.
The market review by Arco Real Estate indicates that the difference in the cost of a unit of space in 1-room and 4-room serial apartments in Riga reaches 15%: for 1-room apartments, the average price is 868 euros per m2, for 4-room - 738.
According to the editor of the magazine m2 Roman Golubev, a significant gap is also seen between the prices of serial housing, depending on their location. So, on Teika, Soviet-era apartments are offered for sale at an average of 952 euros per m2. At the same time in the cheapest neighborhood - in Bolderāja - for 569 euros per m2, and it is more than 40% cheaper. The average indicators for the rest of Riga’s housing estates look like this: Zolitude - 854 euros per m2, Agenskalns - 852, Purvciems - 850, Imanta - 841, Plyavnieki - 837, Mezhciems and Ziepniekkalns - 830 each, Jugla - 793, Ilguciems - 770, Kengarags - 753 and Vecmilgravis - 641.