Financial Services, Good for Business, Latvia, Loan, Real Estate

The activity in the market is big and has increased for the third consecutive month, he said.

"The growth in the number of property deals is related with a slight but stable growth of prices, and buyers are aware that the prices will grow in the future. Also, a negative Euribor rate ensures more favorable loan terms from banks. Both these factors stimulate people to purchase and invest money in real estate today," said Zarins.

In March, soviet-era apartments cost EUR 676 per square meter on the average. The highest prices were recorded in Teika neighborhood – EUR 812 per square meter, and the lowest in Bolderaja – EUR 467 per square meter. Apartment prices reduced 0.21 in Bolderaja neighborhood, while prices in other neighborhoods rose minimally, 0.13% to 1.55%.

Apartment prices for new apartment buildings currently stand at EUR 1,000 to EUR 1,750 per square meter, and up to EUR 1,450 to EUR 3,800 per square meter in the center of the city.

Interest in rent of private homes in Riga region has also been rising. Customers are ready to pay EUR 1,000-2,000 in monthly rent for a new and good-quality 200-250 square meter private home in the Riga region, and EUR 400-700 in monthly rent for a new apartment in the Riga region.

Office space rent ranges from EUR 15 to EUR 25 per square meter Riga’s shopping centers to EUR 20-50 per square meter in the Old Town of Riga.