Riga series apartment prices return to 2006 levels

The market for series apartments in Riga has returned to price levels seen in 2006, according to data from the real estate agency Latio. While the average price per square meter in these buildings is currently just under 1,200 EUR, the economic context for buyers has changed significantly since that period.

Since 2006, the average net salary in Latvia has increased by more than 4.5 times, rising from 308 EUR to 1,400 EUR. Consequently, mortgage payments as a percentage of income have dropped from approximately 90% to less than 20%.

Latio reports that series apartments still account for nearly half of all housing transactions in Riga, with 3,626 deals registered through October this year. Recent price increases have been moderate, with growth of approximately 7% on the left bank of the Daugava and 4% on the right bank since the start of the year. Analysts suggest that rising real estate prices in neighboring markets, such as Vilnius, may drive further demand and price increases in Riga in the coming year.