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New projects

The market segment of new projects becomes more and more active, and the total share of transactions continues to slowly grow. Although the highest interest is still shown in standard-type apartments, demand for apartments in new projects also increases. New projects can be recently built houses as well as multi-apartment buildings put into operation earlier. Mostly people imagine new project flats as living spaces in recently built houses with freshly renovated rooms. The truth is, it is not always the case, because any building put into operation after the year 2000 is considered to be a new project.

The market segment of new projects becomes more and more active, and the total share of transactions continues to slowly grow. Although the highest interest is still shown in standard-type apartments, demand for apartments in new projects also increases. New projects can be recently built houses as well as multi-apartment buildings put into operation earlier. Mostly people imagine new project flats as living spaces in recently built houses with freshly renovated rooms. The truth is, it is not always the case, because any building put into operation after the year 2000 is considered to be a new project.

When choosing a new home, most buyers pay great attention not only to the parameters of the project and flat itself, but also the location and infrastructure – proximity of educational institutions, public transport, shops and other important establishments. New projects that are built as large residential areas (for example, new project in Teika “Jaunā Teika” (“New Teika”) and Skanste neighbourhood) combine all these requirements and wishes. These areas include not only residential houses, but also office buildings, shops, catering establishments, kids recreational areas, etc. The highest interest in these new projects are shown by the younger generation who find it important to reside in a comfortable and tidy environment where everything is within easy reach.

New project apartment

Purchasing real estate is a long-term investment in the future, therefore it is essential for the buyer to carry out a thorough analysis not only of the potential home’s price but also of the long-term maintenance costs and many other nuances. Investing in real estate, one must consider what kind of property would bring the highest long-term return on investment. Most often, buyers who want to purchase a new home must choose between two types of buildings – standard-type apartment building or new project.

  • Depreciation of the building. Before purchasing a home, it is essential to inspect the building’s depreciation and current condition. Today, deprecation level of the most standard-type buildings has already reached 50%. New projects have been put to operation just recently or in the near past.
    One of the biggest disadvantages of standard-type buildings is the large number if illegal rebuilding cases, such as demolition of partition walls (including superstition walls). This kind of DIY (do-it-yourself) rebuilding significantly reduces the building’s operation time. No such trend has been observed when it comes to new projects – people usually do not rebuild anything  after the purchase.
    Of course, deprecation level and condition do not depend only on the year the house was built in, one should also consider other factors such as the building’s current and past maintenance.
  • Quality. One does not have to be a building expert in carry out a pre-purchase investigation: what kind of materials, energy efficiency and technical solutions were used when building a particular new project. It may not seem important right now or in a year, but can mean a lot in the long-term.
    It is no secret that standard-type apartment buildings do not boast the highest building quality – poor sound and heat isolation, problems with the outer wall hydroisolation and wall freezing can be mentioned among the biggest disadvantages.
    What about building quality in the new projects? Unfortunately, a new project flat does not always mean high quality. Define the project’s builder and developer – experienced company with a good reputation will give a higher guarantee that your potential home meets the quality criteria. Look for other reviews on the project, have a chat with neighbours.
  • Utilities. Compared to standard-type apartments, utility costs in a new project flat will most often be lower due to the fact that most developers build new projects with a long-term approach and responsibility. For example, successful energy efficiency solution will allow you to save on heating during the cold months of the year.
    When living in a standard-type apartment, land lease can create significant costs over the course of a year. When it comes to new project utility bills, they don’t include such cost position. Living in a new project in the long-term is often more beneficial, cheaper and better.
  • Mortgage credit. Another significant factor to consider when choosing between a standard-type or new project flat, is the availability and amount of mortgage credit. Sometimes buying a new home is not possible without a credit and cooperation with a bank.
    Banks are more willing to finance new projects, often offering more beneficial crediting conditions – lower first payment or longer repayment terms.
  • Future value. Most often, low price is the reason why people prefer standard-type flats. Thinking about real estate in the long-term, its future value is also essential. It is highly possible that you will have to sell the flat, for example, in order to buy a bigger home or when moving to another city. Real estate experts predict that the future value of standard-type flats might plummet in the future.

New projects in Riga and Jūrmala

From all new projects available in Riga, the largest interest is always shown about projects in Riga micro-regions and Riga suburbs. New projects in Pārdaugava are very popular among home seekers because the tendency remains that people look for more economical and less spacious homes. Larger flats are, however, more demanded in Riga centre, but it’s a whole different price and buyer category.

However, new project as a place for home becomes more and more popular. Interest in new and modern flats gradually continues to grow. Currently Riga experiences the same trend as observed in the whole world – the area of new project flats decreases, which makes prices more affordable for buyers. A separate segment is also exclusive new projects in Riga centre and Old Riga.

Selection of flats available in new projects in Riga is vast:

  • New projects in Riga centre;
  • New projects in Old Riga or exclusive centre;
  • New projects in micro-regions;
  • New projects in Jūrmala.

Today, new project flats meet all tastes and demands:

  • Flats with full interior finish;
  • Flats with “grey” finish;
  • Smaller studio flats;
  • Flats with two, three, four or more rooms;
  • Flats with all conveniences – elevators, underground parking spaces and storage rooms.
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