Prices of apartments down 20-30 pct in Riga

In the capital of Latvia, Riga, the real estate prices have fallen significantly due to a smaller amount of loans, writes kauppalehti.fi. Same topic in BBN Latvian housing prices had the deepest fall in the world in Q1 According to Latvia’s real estate company Balsts, the prices of apartments have fallen more than 20 pct during the last year. Another large company considers the fall to be more than 25 pct. The Finnish manager Ruusa Hentilä from the enterprise Fidius that offers real estate advice in Riga said that according to his calculations prices in the most valued areas of Riga have already fallen 25-30 pct. The most valued areas comprise of old town and the peaceful diplomatic city district near it. According to Hentilä the cooling economy, the GDP per capita, and the low gross wages show that in the coming months the... [read full story]