Stable demand for apartments with long-term value growth

2021 / 02 / 04

Although the global challenges of 2020 have not spared the Baltic real estate market, the year in Latvia ended with positive indicators.

In 2020, the industry saw an increase in the average transaction amount and the average price per square metre. This testifies to a growing demand for premium apartments in Riga.

Over the last three years, the real estate industry has seen a growing popularity of newly built modern projects over apartments in Soviet-era series housing and in historic pre-war buildings. Also, multi-bedroom family apartments are in higher demand, while interest in investment-type studio apartments has diminished, due to a sharp drop in the tourism industry; however, this is likely not to last too long. The events of last year did not substantially affect the rising average price per square metre and apartment prices are not expected to drop. All this makes it likely that a drop in apartment prices is not expected anytime soon, especially in the new building segment.

Likewise, with Magdelēnas kvartāls, a new multifunctional quarter situated in the quiet centre of Riga. The year closed successfully with sales of more than two-thirds of all apartments, 39 parking spaces and two garages, surpassing the year-start forecast by the developer, Vastint Latvia. At Magdelēnas kvartāls, apartments from 49.6 m2 to as much as 128.9 m2 are still available for purchase, while the remaining live-work concept spaces — with a commercial area on the ground floor and an apartment on the first floor — are up to 180.2 m2 in size.

Experience in the real estate market in general and at Vastint Latvia, indicates more balanced and rational purchasing decisions. “As usual, potential buyers pay most attention to the location, size and layout of an apartment and the quality of the fit-out, although sustainable construction and finishing, spacious balconies and green surroundings are exceedingly appreciated,” explains Anna Vaskāne of Vastint Latvia, responsible for sales and post-sale service at Magdelēnas kvartāls.

In the context of global and local events, the importance of a full-fledged green area surrounding the apartment has increased greatly. Likewise, further construction phases of the project and development plans for the surrounding area matter to potential buyers, as they want to make sure that the value of their property will grow with time.

“Our clients now consider details with greater care, they compare and evaluate all the current offers on the market, so that they can be completely sure about their choice. Fewer daily worries and a feeling of security for the future are key factors when making purchasing decisions,” tells Anna Vaskāne.

Call us!

We are eager to introduce you to Magdelēnas kvartāls and will be pleased to tell you more about the project in general, and the apartments and commercial spaces in particular!

Anna Vaskane Sales Manager Antonijas Street 17A-126, Riga, LV-1010 +371 2633 8833

Leave your contacts and we will get back to you!

Failed to send contact info!

Thank you!


Vastint Latvia is a part of Vastint Group – an international real estate organisation with 30 years of experience. We have been active in the Latvian real estate market since 2003. The cornerstones of our operations include management of portfolio properties and the development of commercial real estate, including residential development and sales.

Vastint Latvia SIA

Maldugunu Street 4, Marupe, LV-2167
+371 6735 0055,