Latvia Sotheby’s International Realty’s latest market review reveals that Mežaparks continues to strengthen its leading position in the premium segment, while Baltezers, Alderi, and Berģi are showing emerging market trends.
The study analyzes transactions from 2024 through the end of July 2025, based on data from the Price Bank. The review covers premium apartment and townhouse/duplex transactions above €150,000, land transactions for private development above €150,000, and private house transactions above €250,000 in Mežaparks, Baltezers, Alderi, Berģi, and Upesciems.
Apartments
Mežaparks is currently the most active premium apartment market – almost 100 transactions have been registered over the past year and a half, 97% of which occurred in new developments. The average price reaches around EUR 3,000/m², maintaining a stable level with a slight increase at the beginning of 2025.
Baltezers and Alderi show 18 transactions with an average price of around EUR 2,000/m², but here the market is dominated solely by the secondary market – no transactions in new developments have been recorded.
In Berģi and Upesciems, the number of transactions is very low, and the price level (EUR 1,300–1,900/m²) is not sufficiently representative to be considered a stable market trend.
Chart 1 – Distribution of Premium Apartment Transactions by Price Level
Source: Latvia Sotheby’s International Realty
Ingrīda Pīlādze, Sales Consultant at Latvia Sotheby’s International Realty, shares her opinion:
“Mežaparks continues to confirm its status as the most sought-after premium district – here, buyers primarily choose new developments, and prices remain stable with a tendency to rise. This indicates long-term confidence in this location and potential for value growth.”
Houses
Mežaparks maintains its leading position in the premium house segment as well – 14 transactions with an average price of around EUR 1,770/m². Average transaction amounts exceed EUR 600,000, reflecting the district’s demand and prestige.
In Baltezers and Alderi, 12 transactions were recorded with an average price of around EUR 1,200/m² and an average transaction amount of EUR 500,000. Although prices are lower than in Mežaparks, they still exceed those in other Riga suburbs.
In Berģi, 14 transactions took place – the average price is EUR 1,400/m², with an average transaction amount of EUR 370,000, which is significantly lower than in Mežaparks.
In Upesciems, 9 transactions were recorded, with an average price of around EUR 1,600/m² and a transaction amount of approximately EUR 390,000. As an example, one of these transactions involved a house sold in the premium private residence community Rezidences Upe in summer 2025, located at Plūmju iela 4, Upesciems. Learn more about available homes in the community: rezidencesupe.lv
Mārtiņš Uzkalns, Sales Consultant at Latvia Sotheby’s International Realty, shares his thoughts:
“Baltezers and Alderi maintain steady demand, though with lower prices than in Mežaparks, making these districts attractive to buyers seeking a combination of quality and larger plots. At the same time, market activity in Berģi and Upesciems shows that an increasing number of buyers are beginning to explore alternatives beyond the most prestigious districts.”
Landplots
The highest activity is observed in Mežaparks – 8 transactions with an average price of around EUR 155/m², in some cases reaching exceptionally high levels.
In Baltezers and Alderi, 4 transactions were recorded with an average price of around EUR 102/m².
In Berģi, only one transaction was registered at a price of EUR 93/m², while in Upesciems, no land transactions for private housing took place during this period.
Overall market summary (premium segment outside central Riga):
- Apartments: 124 transactions, average price EUR 2,730/m² – showing a clear increase in 2025.
- Houses: 49 transactions, average price ~EUR 1,500/m². The highest prices remain in Mežaparks.
- Land: 13 transactions, average price ~EUR 137/m²; figures are significantly influenced by large Mežaparks transactions.
Chart 2 – Distribution of Premium Transactions by Segment
Source: Latvia Sotheby’s International Realty
Conclusions
Mežaparks dominates the market with the highest activity and top prices in both the apartment and house segments. Baltezers and Alderi maintain steady demand with relatively lower prices, yet still higher values than in Berģi and Upesciems. Berģi shows growing activity in the housing market, while Upesciems remains less active with a lower price level.
If you want to learn more about current premium market trends and data on apartments, private houses, and development plots in Riga, Jūrmala, and the Riga region (covering Ādaži, Ķekava, Mārupes, Olaine, Ropaži, Salaspils, Saulkrasti, and Sigulda municipalities), explore our expert-prepared study
The Latvia Sotheby’s International Realty team has prepared a special Autumn premium real estate collection, featuring exceptional properties in Riga, the Riga region, Jūrmala, Mežaparks, and Berģi.
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Resource: What is currently happening in Latvia’s most sought-after premium residential districts?