Interest in flats, office space and commercial areas in the Riga Old Town remains high, and 24 residential properties were sold in that area for almost EUR 30 million over the past three years, LETA has learned from representatives of the Latvia Sotheby’s International Realty real estate firm.
The company says that over the past few years, there have been more and more properties with more extensive floorspace than has been the case before, because a number of public institutions have moved out of Old Town. Currently 22 properties are listed for sale in the neighbourhood, and 16 of these are being handled by Sotheby’s.
Prices per square metre will vary, as will the condition of the properties. Some buildings have already been renovated, while others remain in very poor condition.
Owners of many buildings still insist on high prices, with most of the Old Town ones on offer for around EUR 3,000/m2, but Sotheby’s says that the average price for properties that have been sold recently has been more around EUR 2,000/m2 or even less than that.
The owner of Latvia Sotheby’s International Realty, Ilze Mazurenko, says that a good location is not enough to successfully sell a property in the Old Town. There are specific requirements related to restoration of renovations of buildings, for one thing.
Mazurenko has also called for the Riga City Council to review parking regulations, because at this time Old Town serves as a free car park for electric vehicles, which affects residents of the area, as well as visitors.
According to the company, nearly 60 flats costing more than EUR 150,000 were sold in Old Town during the past three years for a total of more than EUR 12 million.
Flats differ in floorspace, but a typical three-room flat in Old Town will be around 110 m2 in size.
Source: BNS
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