This post was automatically translated into English
According to preliminary data from the Center of Registers, over 900 apartment purchase transactions were registered in Klaipėda during the first half of 2010.
According to preliminary data from the Center of Registers, over 900 apartment purchase transactions were registered in Klaipėda during the first half of 2010. About 100 new-build apartments were sold or reserved directly from real estate developers, which accounts for only 11 percent of all housing sales transactions..
In the first half of 2010, new housing sales in Klaipėda were stable – about 50 apartments were sold directly from real estate developers each quarter. In Klaipėda, as in Vilnius, economy-class apartments remain the most popular, with prices ranging from 2,800 to 4,200 LTL/sq m. Sales of more expensive apartments in Klaipėda are slow. Only 1 or 2 apartments are purchased per month. Prices in this market segment range from 5,500 to 7,500 LTL/sq m. During the first half of 2010, the average price per square meter in all new construction projects in Klaipėda decreased by about 3 percent. Pricing was reviewed in many new construction projects, as sales volumes do not satisfy most sellers of new apartments.
According to Tomas Žiaugra, a market analyst at UAB “Eika”, real estate developers in Klaipėda are currently offering about 750 newly built apartments. They should add about 100 more apartments to the market by the end of the year. The supply of new apartments in Klaipėda is decreasing at a very slow pace – it has decreased by only 5 percentage points in half a year. Market analyst T.Žiaugra notes that the Klaipėda market differs from other cities in that new apartments do not meet the needs of Klaipėda residents. “The largest part of the supply consists of large apartments, over 65 sq. m, and the most purchased are old-built apartments – up to 30 sq. m in area. For today’s buyer, the lowest possible total property price is extremely important, but new apartment builders are not yet exploiting the niche of small apartments. ” – says T.Žiaugra.
“In the first half of 2010, the market participants offering the largest supply on the market were the most successful in selling apartments. For example, the 5 real estate development companies with the largest supply on the Klaipėda market sold about 60 percent of all new apartments sold on the market,” the market analyst calculates.
About the Eika group of companies
Founded in 1992, the company “Eika” is one of the largest real estate development and construction groups in Lithuania. The group of companies consists of: UAB “Eika” – a leader in the real estate market, valued for its innovation, reliability and responsibility; UAB “Eikos statyba” – a construction company with extensive experience in the construction and renovation of administrative, public, commercial, industrial and residential buildings; UAB “Inžinerinės idėjos” – specialists in the design, installation and maintenance of engineering systems. The quality of the services of the group of companies is ensured by the implemented Quality standards ISO 9001:2000, Environmental standards ISO 14001:2004 and Occupational Health and Safety standard OHSAS18001:2007
More information:
Dom Dargis
Development Director
Phone: +370 5 2514 253
Fax: +370 5 2514 256
Email: [email protected]