Kaunas and Klaipėda are surprised by record apartment sales

According to Eika data, about 70 new apartments were purchased directly from real estate developers in Klaipėda during the second quarter of 2013, i.e. 12% more than in the first quarter of this year.  In Kaunas, sales of new apartments decreased in the second quarter. Only 30 new construction apartments were sold, i.e. 44% less than in the first quarter of 2013, when developers sold 50 apartments.

According to preliminary data from the Registers Centre, in the second quarter of 2013, the most purchased new apartments in Klaipėda were 2-room, 55-60 sq m. m. apartments, which accounted for almost a third of sales transactions. Unlike in Klaipėda, in Kaunas, new apartments with an area of ​​over 100 sq m are traditionally the most popular, accounting for about 41% of sales. According to Tomas Žiaugra, a market analyst at Eika, the majority of these transactions are cottages located on the outskirts of the city, which Kaunas residents, unlike residents of other major Lithuanian cities, prefer.

Since July last year, the average price of new apartments in Klaipėda has increased by 2% to 4,370 litas per square meter. “Prices in Klaipėda fluctuate slightly, as there are no major changes in either supply or demand. Real estate developers in the port city  compete not on price, but on quality and more functionally designed apartments than their competitors,” says an Eika market analyst. In Kaunas, the average price of a new apartment per square meter has also increased by 2% since the beginning of the year and currently stands at 3,870 litas.

According to the calculations of the Eika market analyst, in Klaipėda, the supply remained similar in the last quarter and currently amounts to about 750 apartments. The supply was supplemented by about 70 new apartments in three projects. Meanwhile, in Kaunas, the supply of new construction apartments increased by 12% in the second quarter of this year and currently amounts to about 320 apartments. In the second quarter of this year, the supply of new apartment projects in Kaunas was supplemented by 50 apartments in two projects.

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.