LITHUANIA-PROPERTY-MARKET-IN-HEATHLY-STATE

LITHUANIA PROPERTY MARKET IN HEATHLY STATE

08.05.17

House prices continue to rise in Lithuania, amidst modest economic growth. Property demand is rising strongly, and residential construction is surging. Apartment prices in the capital, Vilnius, have risen by 24.4% (11.2% inflation-adjusted) since the post-crisis low of May 2010, in a slow and steady rise.

Lithuania’s five major cities’ apartment price index (covering Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) rose by 5.56% during the year to Q1 2017 (2.38% inflation-adjusted), according to OberHaus Real Estate Advisors.

All of Lithuania’s major cities saw moderate house price rises during the year to end-Q1 2017:

In Vilnius average apartment prices rose by 6.8% y-o-y in Q1 2017, to €1,435 per square metre (sq. m.).

In Kaunas, apartment prices rose by 4.5%, to €993 per sq. m.

In Klaipėda, apartment prices increased 2.9%, to an average of €1,019 per sq. m

In Šiauliai, apartment prices increased 5.2%, to an average of €601 per sq. m.

In Panevėžys, existing flats rose by 4.7%, to an average of €562 per sq. m.

In 2016, the number of apartment sales in Vilnius increased 13% to about 11,000 units from a year earlier – exceeding the sales seen in 2007 by 2%, according to OberHaus. In the primary market, more than 4,300 apartments were sold last year, up 33% from 2015.

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