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Real Estate Price Growth Dynamics in Latvia in 2024: Trends and Forecasts


Analyzing the real estate market data for January 2024, it is clear that prices have risen in both the secondary and primary markets.

The rental sector has also experienced growth. Specifically, according to data from Bigbank Latvija, rental rates in January showed an increase across all property categories.

Despite a decline in market activity at the end of 2023 compared to the previous three years, the average cost per square meter remained almost unchanged.

Summary data for 2023 confirm a price increase of 12-15% for new buildings, while the cost of standard apartments fell by about 6%.

In Riga's real estate market last year, there was a 9% decrease in the total sales value. New constructions were an exception, where the cost per square meter increased. However, this segment also saw the largest drop in the total value of transactions—13.4%.

Experts from Cenu Banka note a slight reduction in the number of transactions in pre-war buildings—multi-apartment buildings built before the mid-20th century and not renovated or restored before 2000. At the same time, there was an increase in the number and sum of transactions in renovated pre-war buildings.

In 2023, rental rates demonstrated growth in both new constructions and standard apartment buildings. However, the growth rates were lower than anticipated, ranging from 2-7%.

According to Cenu Bank, mortgage loans were used in approximately 37% of transactions in 2023, which is 4 percentage points less than in 2022.

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