Prices of new housing in Riga still lower than in Vilnius and Tallinn

• Published date: 24 May 2022
• Publication title: LETA

RIGA, May 24 (LETA) - Although the prices of new residential buildings under construction in Riga have jumped 29 percent on year, they are still below prices of new housing in Vilnius and Tallinn, according to data on transactions in the segment of new housing provided by Colliers, the Lithuanian branch of Ober House Real Estate Advisors and the Estonian Land Council.

With the costs of housing purchases growing, buyers' behavior has changed as well, as they are now looking for more compact and functional apartments, according to observations made by Bonava Latvija developer.

ccording to Colliers, a total of 140 transactions in new apartments were recorded in Riga and Pieriga region in April 2022, which is a decrease of 35 percent from the last 12 months' average. Activity on the primary market was affected by an absence of new large projects. In April this year, there were around 1,000 fully completed new apartments available on the primary market, which is 130 apartments less than in March.

In April, 2022, a square meter in such apartments was selling at the average price of EUR 2,200, which...