Arco Real Estate agency reports that the average apartment price in Riga was 1276 Euros/m2 at the end of May. This is:
- 2.6% less than at the end of April 2008;
- 9.2% less than at the end of 2007.
- 21.2% less than at the end of June 2007.
Arco did not release month-by-month numbers for the first half of 2007. But the other real estate agencies (like Latio, whose numbers are now paid-subscription-only) observed a slight drop in May and June 2007, as well. Based on that, we get 23-24% decline compared to peak prices (March-April 2007).
The fall in Latvian real estate prices has been more than anyone, including myself, expected. And it keeps going on...
For me, it's good because I'm still looking for an apartment and there's much more reasonably priced options now. What a difference one year can make...
UPDATE (6/6): Estimates by other real estate companies range from 18% decline year-on-year (Oberhaus) to 27.2% decline (Latio). My impression is that the higher estimates are the more accurate ones.