The Sharpest Price Increase in Recent Years: Why Soviet Apartments in Riga Are Becoming More Expensive 0 9

In February, the average price of panel apartments increased to 912 euros per square meter.

The average price increase for such apartments in February of this year was the highest in recent years.

Arco Real Estate explains that the main reason for the price increase remains the limited supply of apartments in all neighborhoods of Riga.

Since the beginning of 2026, prices for apartments in the largest neighborhoods of Riga have risen by 1–5%. The most significant price changes were observed in Imanta, where they increased by 5% this year. In Plavnieki, the price increase for panel apartments was relatively higher than in other neighborhoods — on average by 4%. In other neighborhoods of Riga, price changes this year did not exceed 3%. The smallest price changes for apartments were noted in the cheapest neighborhood — Bolderaja.

Since the beginning of last year, prices for two-room apartments have increased the most — by 8%.

In February, compared to January, there was an increase in the average price of apartments in all major neighborhoods of Riga. The largest increase was noted in Plavnieki, Imanta, and Ziepniekkalns, where prices increased by more than 2% in a month. In Bolderaja, prices changed the least.

Compared to the beginning of 2026, in February of this year, prices for panel apartments in all major neighborhoods of Riga were higher. The highest average price per square meter was in Teika — 1109 euros, while the lowest remained in Bolderaja — 686 euros per square meter.

In February, the most expensive apartments remained in houses of the 119th and 104th series. Prices for two-room apartments in satisfactory condition in such houses ranged from 55,000 to 56,000 euros depending on the location. The cheapest were the Lithuanian project houses, where prices for two-room apartments ranged from 32,000 to 45,000 euros, as well as Khrushchyov-era houses, where the cost of two-room apartments ranged from 30,000 to 47,000 euros depending on the neighborhood.

At the same time, in February, the average price of panel apartments in Riga was 44% lower than on July 1, 2007, when the average price of an unrenovated panel apartment reached a historical maximum of 1620 euros per square meter.