Latvia, Real Estate

In comparison with the first quarter of 2012, the average price of Soviet-era apartments in Riga increased by 1%.

According to the Land Register's data, 693 apartment sales were registered in Riga in the first quarter of 2013, a 12% increase on the first quarter of 2012.

The first quarter of 2013 was quite active in Riga's suburbs. Local clients were mostly interested in Soviet-era apartments in Zolitude and Purvciems. The most demanded apartments were two-room and three-room apartments for an average price of up to EUR 40,000 (LVL 28,000).

The prices of non-renovated Soviet-era apartments in Riga's most popular suburbs, such as Zolitude, Purvciems, Teika, Plavnieki, Ziepniekkalns, Imanta and Agenskalns, ranged from EUR 19,000 to EUR 29,000 (LVL 13,300 to LVL 20,300) for one-room apartments, EUR 25,000 to EUR 37,000 (LVL 17,500 to LVL 25,900) for two-room, EUR 31,000 to EUR 44,000 (LVL 21,700 to LVL 30,800) for three-room, and EUR 40,000 to EUR 46,000 (LVL 28,000 to LVL 32,200) for four-room apartments.

In the first quarter of the year, the most expensive apartments were in Riga's suburb of Teika – EUR 699 (LVL 489.3) per square meter, followed by Purvciems, Plavnieki, Mezciems, Zolitude and Agenskalns – EUR 620 (LVL 434) per square meter.

The least expensive non-renovated Soviet-era apartments were in Bolderaja – EUR 469 (LVL 328.3) per square meter, Vecmilgravis – EUR 520 (LVL 364), Kengarags – EUR 539 (LVL 377.3), and Sarkandaugava – EUR 546 (LVL 382.2) per square meter.