Compared to Latvia's minimum wage of 780 euros gross, the cost of renting a furnished 3-room apartment in a new building in Riga is 151.1%, reports Diena.
This places our capital alongside cities such as Athens (152.9%), Sofia (153.9%), and Bratislava (157.9%).
From its side, the wealthier the state, the smaller the share of rental housing in the budget — for example, in Brussels, with Belgium's lowest official pre-tax salary of 2112 euros, renting an apartment accounts for only 69.9%.
"In Latvia, last year the rental prices in new buildings increased by 5-10%, rental payments reached a record of 938 euros per month," the newspaper writes, citing real estate experts.
"Medium and well-renovated two-room apartments ranging from 45 to 60 square meters remain consistently popular in our country, with rental prices from 11 to 15 euros per square meter, which averages from 580 to 780 euros excluding utilities."
Market analysts cite the reduction in inflation and the halt in the growth of EURIBOR rates as factors for some stabilization in rental prices. "However, the demand for energy-efficient and well-equipped housing, especially in Riga and its surroundings, is increasing, and the growth in demand in this segment may slightly raise prices. At the same time, it should be noted that a feature of Latvia compared to many other EU member states is that there are significantly more apartment owners than renters in our country, which is explained by the privatization of apartments in the serial-type houses built during the Soviet era.
