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Property prices fall in Riga
Riga has seen a sharp drop this year in apartment prices, making this an ideal time for holidaymakers to snap up a property in the capital of Latvia, Riga.
According to real estate companies the prices of apartments have fallen more than 20% over the past 12 months. Others reports price falls of more than 25% notably in the most sought after areas around the Old Town and the nearby diplomatic district.
Economists blame the cooling economy and recent falls in wages. They warn that house prices could fall even further - as much as 60%. Last year apartments in Riga’s more expensive areas cost 4,000-5,000 euro per square metre. Now the average prices have fallen to 3,000-4,000 euro.
This article was written for TravelSavvy Europe by Rad Djork. For more information see: Riga - Overview. If you know of an interesting European travel related news story, please get in contact.
