In short
- The sale price is usually below the last asking price.
- The gap is bigger for expensive flats and flats that sit on the market.
- See sale prices in the Deal Database and in the listing report.
- Use the gap for your building and neighbourhood.
Why asking and sale prices differ
Sellers price in room for negotiation, and sometimes a hope that someone will pay more. After a viewing the buyer finds flaws and offers less. The sale price is where the two meet.
There are technical reasons too. A listing can go up at one price and be cut a month later. Some flats sell without ever being listed. And sometimes the price in the contract leaves out furniture or a parking space that the listing included.
What flats really sell for: the gap by place and building
To see the real gap, compare a flat's last asking price with the sale price registered afterwards. Look at the median gap in your segment rather than single cases: it differs between Riga, the suburbs, Jūrmala and other cities, and between Soviet-era series buildings, new builds and pre-war buildings.
What the discount depends on
How long flats take to sell and what that means for the price is covered in how long a flat takes to sell.
- How long the flat has been on the market: the longer, the bigger the discount
- Whether the starting price was above the market
- Price level: more expensive flats usually have a bigger gap in euros and in percent
- Condition: flats that need work get discounts more often
- Season and interest rates: when buyers are scarce, sellers give more ground
Where to see sale prices
In the Deal Database you can search real deals by address, building and neighbourhood. You see the date, area, floor and price per m². That is the best basis for judging whether a particular asking price makes sense.
For the general price level in a city, use prices by city. For a specific listing, Check a Listing compares the price with deals in the same building and neighbourhood.
How to use it when buying and selling
Buyers. Take the typical gap in your segment off the asking price and you have a realistic deal price. Treat it as a starting point for the conversation. How to run that conversation is in how to negotiate.
Sellers. A price well above recent deals rarely gets you more. Usually it means a longer sale and a later price cut.
Common questions
How much can you negotiate off a flat in Latvia?
There is no single answer: it depends on whether the price matched the market and how long the flat has been for sale.
Where can I see what a flat sold for?
Sale prices by address are in the m²cena Deal Database. The state cadastre shows area, not price.
Why is the sale price sometimes higher than the asking price?
When several buyers want a good flat, the price can rise. It happens more with flats listed cheaply in popular neighbourhoods.
Sources
- Mājokļu cenu indekss (PCI050c) · Centrālā statistikas pārvalde
- Kadastra informācijas sistēma · Valsts zemes dienests
This article is for information only and is not legal, financial or tax advice. It may contain mistakes or be out of date, so check it against official sources or with a specialist before you decide. m²cena accepts no liability for any loss or damage arising from the use of the information in this article.