Estonian blogger Davix has some interesting graphs on apartment prices in Tallinn, Estonia. The overall trend is the same as in Latvia: the prices peaked in Spring and are now slightly more than 10% off the peak prices.
The trend did not surprise me, but the numbers did. From the graph, the October price looks around 1490 Euros/m2 which is the same as Latio's estimate for Riga, except that... Latio's numbers is average of old (Soviet era) apartments while Davix averages Soviet era apartments and (more expensive) new construction.
So, if one did apples-to-apples comparison (which I can't do because I don't have Estonian statistics separated by time of construction), Tallinn apartments will probably be about 20% cheaper than Riga. At the same time, Latvian salaries are 25% below the Estonian ones.
And Estonians are still complaining about the housing bubble. If they have a bubble, Latvia has a mega-bubble!