Real estate prices in Riga

In 2024, Riga’s real estate market exhibits varied trends across different property types and districts.
Overall Market Condition:
As of July 2024, apartment prices in Riga decreased by 3.96% year-over-year, reaching €848 per square meter. This marks the nineteenth consecutive month of annual price declines, though the rate of decrease has slowed compared to the previous year’s 9.25% drop.
Apartment Prices:
• Old Town and Central Riga: These areas remain the most expensive, with average apartment prices around €2,500 per square meter.
• Suburban Districts: In smaller cities and rural areas, property prices can be significantly lower, sometimes as low as €1,500 to €2,000 per square meter.
House Prices:
The cost of houses in Riga varies based on location and property specifics. For instance, a 200-square-meter house in a prestigious district may cost around €335,000, while a similar house in another area might be approximately €265,000.
Price Dynamics:
In 2024, Latvia’s real estate market shows a moderate increase in prices. Apartment costs in Riga have risen by 5–7% compared to the previous year.
Factors Influencing the Market:
• Economic Conditions: Inflation and currency exchange rate fluctuations significantly impact the real estate market, affecting both purchasing power and demand.
• Infrastructure Development: Enhancements in infrastructure, particularly in major cities, contribute to rising property prices. Projects focused on urban reconstruction and modernization increase interest in real estate.
Forecasts:
Projections indicate that property prices in Latvia will continue to rise in 2025, albeit at a potentially slower pace. Long-term expectations suggest price stabilization, making the market more predictable for investors.
Advice for Buyers and Investors:
• Market Research: Before purchasing property, conduct thorough analyses of current trends and forecasts to make informed decisions.
• Location Selection: Assess factors such as transportation accessibility, proximity to amenities, and the development prospects of the area.
• Economic Considerations: Monitor economic indicators, including inflation and tax law changes, as they can influence investments.
In summary, Riga’s real estate market in 2024 is characterized by a moderate increase in prices in central areas and a decline in typical apartment costs in suburban districts. Buyers and investors are advised to closely examine current trends and consider economic factors when making decisions.