"Anno": Real estate market has changed drastically in past ten years
In ten years Latvia^apostrofs;s real estate market has witnessed drastic changes, it has developed from the so-called "rent rights" to European level in the private sector, says a survey by the real estate company "Anno".
In ten years Latvia's real estate market has witnessed drastic changes, it has developed from the so-called "rent rights" to European level in the private sector, says a survey by the real estate company "Anno".
The real estate market began developing in 1991 when first legal real estate companies were founded, "Anno" director Liga Andersone told reporters today on the company's tenth anniversary.
At that time, one could buy the right to rent an apartment in Riga for about USD 500, this practice has disappeared from the market a long time ago.
According to Andersone, apartment prices have increased the most in these past ten years, and apartments are currently being traded the most actively on the market. Back in 1997, a one-room apartment in a district of Riga cost USD 6,000 to USD 7,000, such an apartment cost already USD 10,000 up to USD 20,000 this July. According to Andersone, apartment prices are growing on a weekly basis now, not monthly. Such a situation is prompted by a deficit of apartments, especially in Riga.
According to Andersone, the sector of commercial premises has also seen major changes in the past ten years, especially in Riga's Old Town. Ten years ago, renting a store in Riga downtown cost USD 10-15 a month per square meter, much like the prices in Stockholm, for instance. The demand for such premises in the downtown and Old Town has fallen, and so has the rent.
The farmland sector also changed much in the above period. Ten years ago, farmland was not demanded and cost LVL 0.5 per hectare and more. The demand has increased considerably since then, the prices now even reach up to LVL 300 per hectare.
Zaiga Barvida LETA
Copyright © LETA
The real estate market began developing in 1991 when first legal real estate companies were founded, "Anno" director Liga Andersone told reporters today on the company's tenth anniversary.
At that time, one could buy the right to rent an apartment in Riga for about USD 500, this practice has disappeared from the market a long time ago.
According to Andersone, apartment prices have increased the most in these past ten years, and apartments are currently being traded the most actively on the market. Back in 1997, a one-room apartment in a district of Riga cost USD 6,000 to USD 7,000, such an apartment cost already USD 10,000 up to USD 20,000 this July. According to Andersone, apartment prices are growing on a weekly basis now, not monthly. Such a situation is prompted by a deficit of apartments, especially in Riga.
According to Andersone, the sector of commercial premises has also seen major changes in the past ten years, especially in Riga's Old Town. Ten years ago, renting a store in Riga downtown cost USD 10-15 a month per square meter, much like the prices in Stockholm, for instance. The demand for such premises in the downtown and Old Town has fallen, and so has the rent.
The farmland sector also changed much in the above period. Ten years ago, farmland was not demanded and cost LVL 0.5 per hectare and more. The demand has increased considerably since then, the prices now even reach up to LVL 300 per hectare.
Zaiga Barvida LETA
Copyright © LETA
