High property prices the main reason that deters 34% of residents from buying new home

• Published date: 28 July 2022
• Publication title: LETA

RIGA, July 28 (LETA) - High property prices is the main reason that deters 34 percent of Latvia's residents from buying a new home, according to a survey carried out by market and public opinion research agency Norstat and the Latvian branch of Bigbank.

34 percent of respondents, or two thirds of those who are considering buying a new home in the near future, said that high real estate prices was the biggest obstacle.

ccording to Bigbank, this argument is the most crucial for those residents who need to buy a home the most, namely young people. In the 18-29 age group, high property prices deter 46 percent of respondents from buying a new home, while in the 30-39 age group this figure stands at 43 percent.

Taking into account that apartments in Riga are much more expensive than elsewhere in Latvia, housing prices affect the choices of residents of Riga more than those living outside the capital. High property prices in Riga is the main obstacle to 39 percent of respondents, while elsewhere in the country - to 30 percent of respondents.

One-tenth of respondents said that there was a lack of quality housing in the...