Riga will receive more than €10 million in EU funding to create 351 social apartments.
The attraction of European Union funds and the implementation of these projects will support the local construction sector and related industries. If we compare it with last year’s statistics, the planned volume of social housing renovation will account for more than 25% of the number of apartments commissioned in Riga in 2023. It’s too bold to claim that this will somehow lower housing prices, but the increase in social housing supply may have a moderating effect on the rental market: in the lower segment, demand for rental housing may decrease somewhat, which could possibly hold back the growth of rental rates in this segment.
