According to Latio, the average Riga apartment price in December 2007 was 1415 Euros/m2. This was 2.1% less than in November 200 and 17.8% less than in April 2007 (when the prices peaked). Compared to December 2006, the prices have declined by 7.3%.
So, Riga real estate is firmly on the downward trend. If 7.3% or 17.8% looks like a big decline, one should remember that it comes after a much bigger multi-year rise in apartment prices, to the degree that they became unaffordable to most Latvians.
For example, from December 2005 to December 2006, also according to Latio, the apartment prices increased by 69% (in one year!). Even combined with this year's decline in prices, we still have a 57% increase from December 2005 to December 2007, which is a lot.