Key trends in residential real estate in central Riga in Q1 2025 -

Latvia Sotheby’s International Realty offers a market overview of premium segment residential properties in central Riga, the Quiet Center, and Old Town, covering the period from January 2024 to July 2025.
This in-depth study, prepared by our Commercial Property team, highlights the most significant investment trends, notable transactions and key market drivers in Riga’s most sought-after districts, which are suitable for both commercial and residential development.

Over the past 18 months, 32 significant transactions exceeding EUR 500,000 have been registered in these districts, confirming the continued interest in high-value properties in the center of the capital.

The total transaction volume exceeded €72.8 million, while the average transaction amount reached approximately €2.3 million.

The price per square meter varied depending on the size, technical condition and development potential of the property — from €692/m² (weighted average price) to €899/m² (arithmetic average price).

The breakdown of transactions shows that 53% of transactions took place in the Center, 37% in Old Town, and 10% in the Quiet Center. In terms of price range, 21 transactions were in the range of EUR 0.5 to 2 million, 6 transactions were in the range of EUR 2 to 4 million, and 5 transactions exceeded EUR 4 million. In terms of volume, the Center accounted for 47% of total investments, Old Town for 37%, and the Quiet Center for 16%.

Notable transactions:

Kalku street 28 (Old Riga): More than 8,100 m² sold in February 2025 for €12.84 million — almost 60% of the total for the first half of 2025.
Pulkveza Brieza street 15 (Quiet Center): 7,100 m² sold in November 2024 for €4.75 million.
Terbatas iela 73 (Center): 11,000 m² sold in February 2024 for €5.47 million.

Highest prices per m²:

Matisa street 63: €1,725/m² (567 m², sold in July 2024)
Teatra street 3 (Old Riga): €1,414/m² (sold in March 2024)
E. Melngaila street 1A (Quiet Center): €1,307/m² (sold in February 2024)

Conclusions

Despite the decline in the number of transactions in 2025 — only five transactions in the first half of the year compared to thirteen in the same period in 2024 — the total volume decreased by only 15.7%, mainly due to the transaction on Kaļķu Street. In fact, the average volume of properties sold increased, reaching 3,365 m² in the first half of 2025, compared to an average of 2,602 m² in 2024. Last year’s largest transaction in terms of area was Matisa street 8 — a former beverage factory sold in June 2024 for €3 million. The property covers an area of 11,125 m² and has significant development potential. These figures reveal a market that is becoming increasingly selective and strategically driven.

“Market activity indicates more concentrated demand – investors are focusing more on unique, large-scale properties with development potential or existing cash flow. A smaller number of transactions does not mean low interest, but rather higher evaluation standards,” says Aigars Strods, senior sales consultant at Latvia Sotheby’s International Realty.

His statement is supported by Kaspars Strižko, commercial property sales consultant at Latvia Sotheby’s International Realty:

“We see a clear trend – demand for buildings suitable for conversion into hotels, rental projects or high-end offices. Old Riga and the Quiet Center are currently particularly attractive to buyers who appreciate architecture, prestige and commercial potential.”

Latvia Sotheby’s International Realty remains committed to providing tailored insight and access to the most exceptional opportunities in central Riga. For private investors, developers and institutional buyers looking for their next strategic investment, our Commercial Property team is ready to assist with expertise, integrity and a deep understanding of the pace of market developments. Looking ahead, the market in central Riga is expected to remain active but become even more selective. Properties with strong fundamentals — scale, location, architectural value and development potential — will continue to attract capital. Although the number of transactions may fluctuate, demand for well-positioned assets remains stable, especially among experienced investors with a long-term outlook.

If you are considering investing in properties in Riga Center, Quiet Center or Old Town, contact the Latvia Sotheby’s International Realty Commercial Property team. Our experts will provide in-depth consultations, analyze potential properties, and help you choose the most suitable solution for your business or investment goals: