Latvia property construction costs jump up by 4.8%
The Real estate construction costs in Latvia increased by 4.8% according to the latest data released by statistics office of Latvia
Compared to September 2017, construction costs went up by 4.8 %.
- Labour remuneration of workers grew by 9.8 %,
- Prices of building materials by 3.6 %, and maintenance and
- operational costs of machinery and equipment by 3.4 %.
In 2018, the data on prices of construction resources are provided by approximately 190 construction enterprises and more than 40 trade enterprises. When calculating the Construction Cost Index, the prices of building materials submitted by enterprises for the calculation of producer price indices in industry and import price index are also used.
The sample includes construction enterprises with the highest value of own account construction works in 2017. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 80 %, in 33 % of which the value of own account construction work exceeded EUR 5 million per year. The criterion used to sample trade enterprises is their turnover and specialisation.
House price developments in the EU Member States
Among the Member States for which data are available, the highest annual increases in house prices in the second quarter of 2018 were recorded in Slovenia (+13.4%), Ireland (+12.6%), Portugal (+11.2%) and Hungary (10.4%), while prices fell in Sweden (-1.7%) and Italy (-0.2%).
Compared with the previous quarter, the highest increases were recorded in Slovenia (+4.2%), Malta (+3.2%), Latvia and Romania (both +3.1%), while the only decrease was observed in Croatia (-0.2%).
Here is the average residential property prices in EU-28 member states in euros per sq.meter as of August 2018. In Latvia the average price is approx 2,300 euros per square meter.