In 2024 , the Latvian residential real estate market showed moderate growth and stability despite global economic challenges.
In Riga, apartment prices increased by 5-7% year-on-year, while in other major cities, such as Daugavpils and Liepaja, the growth was around 3-4%.
Most transactions with new apartments in the capital were concluded in the price range of EUR 100,000 to 150,000, indicating a steady demand for mid-market housing.
In 2024, there was an increased interest in suburban real estate due to the changing preferences of buyers seeking more spacious and environmentally friendly housing.
However, the segment of new buildings saw a one-third decline in sales, while sales in the secondary market and in prefabricated buildings increased.
The rise in mortgage interest rates due to the increase in the Euribor rate led to a decline in real estate activity. Many buyers have taken a wait-and-see attitude, waiting for lending conditions to stabilize.
Experts expect the real estate market to revive in 2025. Lower interest rates and stabilization of the economic situation may stimulate demand for housing. The market is expected to become more dynamic, and buyers will be willing to invest in green architecture and energy-efficient housing.
However, the issue of prices will remain relevant, and buyers will have to choose between more spacious housing outside the city or smaller apartments in the center. All in all, 2025 promises to be a favorable year for the Latvian real estate market, with the possibility of increased activity and price stabilization.
Source: http://relocation.com.ua/analiz-rynku-zhytlovoi-nerukhomosti-la/
