Агентство недвижимости RD Global

Real Estate in the heart of Riga and Jurmala is inaccessible to local residents.

The housing stock in Riga and Jurmala, and apartments in new projects will not be available to local buyers, as in these market segments are deformed in real estate prices in Latvia influx of speculative capital will not bring her long-term bonus, I'm sure one of the leading experts in the Latvian real estate market, now professor of Riga Technical University of Maris Greenberg.

The classical difference between the prices of standard apartments, apartments in new projects should be 30-40%. And here it is almost double that if standard-type apartments in the neighborhoods are around 600 euros per square meter. m, in new buildings in the same neighborhoods - and 1 100-1 200 euros per square meter. m.

If market-oriented production of apartments, and is 70% of the total housing stock in Riga, it is more fair and stimulating sales price for new apartments to be 900, well, a maximum of 1 000 euros per square meter. m. At the same time, higher prices for new construction is a logical explanation: the market for new apartments are too small. The fact that banks take on auctions, the sale of housing at the time of leaving. The price of real estate supply and demand determine: Product - smaller prices - higher. It is as if in the center of Riga was only one new apartment for sale, for example, costs 10 000 euro per square meter. meters, not exclude that there would be a buyer on it, "- said Grinbergs.

According to him, wait for new housing projects in the capital, it is not necessary: ​​a rare Latvian developer to develop projects on its own. And banks, in view of assimilating their portfolio of apartments, including new projects, does not want to fund new construction. They first need to sell enough to please their price nonpayers inherited from the portfolio.

"That is, all goes to the fact that even the middle class will soon not be able to afford to buy new apartments. It used to be like: there you have, say, one-bedroom apartment in the series House. I sold it, has issued a loan for a further 50-70% of the resulting amount - and here's "kopeck piece" in the new project. Now you sell your old fund for some 30 000 euros. And the "kopeck piece" in Riga's new building is 65 000-80 000. And this is the same when viewed on the flat area, and in new buildings are always more! Add to this the psychological moment, people have become cautious, even timid may say, with respect to mortgage loans.

The current market for the purchase and sale of housing is very small. If we compare the so-called fat for years, it hardly one-third of the volume of transactions from the past. And this is considering apartments, selected banks. There is no active market. Banks, of course, say that they give credit. Once this is mostly PR. If we analyze their total loan portfolio, we see that the banks take money from the population more than handing out ", - said Grinbergs. He believes that higher prices for new apartments will have to stop when the developers start to develop again

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