RIGA, Aug. 13 (Xinhua) -- In the first half of 2019, apartment transactions in Riga's new residential projects jumped 31 percent against the respective period last year, showed the latest property market review released on Tuesday by Latvia's Arco Real Estate company.
The increased activity was primarily on account of a 47-percent rise in the number of new apartments sold in the Latvian capital city's residential neighborhoods, whereas transactions in downtown Riga declined 2 percent on year, according to the Arco report.
The vast majority of new apartments sold in Riga during the period, or 83 percent, fell in the price range between 40,000 and 139,000 euros. The smallest number of new apartments was sold for prices ranging between 200,000 and 250,000 euros.
The highest number of new apartments, mostly two or three-room apartments in Riga's residential suburbs and on the outskirts of the city center, were sold for 80,000 to 90,000 euros.
Out of the new apartment transactions recorded in Riga in the first half of this year, 50 were worth more than 250,000 euros, which is the minimum price foreign citizens are required to invest in real estate to obtain Latvian residency permits.
