Higher-priced projects dominate Riga's new housing market

In the second quarter of 2024, there was an observed increase in apartment prices in Riga's new project segment, according to data compiled by the real estate market analysis tool 'Cenu Banka'. Both average prices per square meter and average transaction amounts have increased. There has also been a significant price growth for apartments in pre-war buildings.

Market Activity

The data collected in the Riga Apartment Market Report show that in terms of transactions, April was the most active month in the second quarter, while in May and June, transactions gradually decreased. In April, out of the total number of 847 apartment transactions, 222 were registered in new housing projects and 106 in pre-war buildings. In May, there were 785 transactions, with 209 in new housing projects and 86 in pre-war buildings. In June, there were 667 apartment transactions*, with 177 in new housing projects and 68 in pre-war buildings. 

Price Trends

According to “Cenu Banka,” the primary market of new housing projects (outside the C+ area) continues to be dominated by higher-priced projects. The average price per square meter in these projects is approaching EUR 2750 per square meter, which is a significant increase. The average transaction amount for new projects outside the C+ territory also has reached a new record, exceeding 140,000 euros.

Significant price growth also has been observed for apartments in pre-war buildings in the city center (C+). In the renovated buildings, the price per square meter has reached a record high: an average of 2407 euros per square meter. In non-renovated buildings, the price per square meter is closer to its previous peak, averaging 1684 euros per square meter.

In June, a decrease in listing prices was observed in all categories. The most notable decline was in new housing projects outside the C+ territory. Interestingly, despite the rising transaction prices and new records in these projects, the asking prices in listings have been in a prolonged decline. According to Cenu Banka, this illustrates the differences between apartments sold and those listed on real estate portals. 

New projects with the most transactions

From April to June, the highest transaction numbers in new projects were recorded in the ‘Mārpagalmi’ (Āgenskalns), totaling 60 transactions. The second highest number of transactions was in the ‘Moho Park’ project (Mežaparks), with 37 transactions, while the third place was taken by the new project ‘Ābeļziedu terases’ (Teika) with 27 transactions. The top five projects with the highest number of transactions are completed by ‘Rembates Apartments’ (Pļavnieki) with 10 transactions and ‘Silvas nami’ (Dreiliņi) with 9 transactions.

Largest transactions recorded in June

In June, the largest registered apartment transaction was concluded at Elizabetes Street 28 for 1 450 000 EUR. The next largest apartment transactions were concluded at Ausekļa Street for 520 000 EUR, at Alberta Street 8 for 499 018 EUR EUR, at Kuģu Street 4 for 465 000 EUR and Strēlnieku Street 4 for 420 000 EUR.

Note: Not all transactions in June have been recorded.

Note: C+ territory includes the neighborhoods: Avoti, Brasa, Centrs, Grīziņkalns, Ķīpsala, Mežaparks, Pētersala-Andrejsala, Skanste, Vecpilsēta. All other neighborhoods are outside the C+ territory.