In 2016, about 370 apartments were sold in Klaipėda, or even 40 percent more than in 2015. In Kaunas, 460 apartments were sold in 2016, or 35 percent more than in 2015. For the housing markets of both cities, 2016 was a record year since 2010 in terms of new housing sales..
“The continued vitality of the Kaunas new housing market reveals a growing demand for attractive housing. Clients are increasingly choosing projects closer to the city center, which are just starting to be built, and are forming a luxury housing segment that has not existed in Kaunas before, and real estate developers in Kaunas are increasingly offering more of it,” says Martynas Žibūda, Development Director of Eika. In Kaunas, the number of vacant apartments on the market, which has been decreasing since the beginning of 2015, was supplemented by about 160 new apartments in 4 projects during the last quarter. Buyers wishing to purchase new housing in the temporary capital can currently choose from about 480 apartments, the choice has decreased by 6 percent over the year.
The situation in the new housing market in Klaipėda is changing rapidly. According to M. Žibūda, apartment sales in Klaipėda in 2016 were record highs – 370 apartments were sold. The supply in the port city currently amounts to about 550 vacant apartments. “A large part of the apartments for sale have been on offer since 2008. The stock of illiquid housing is gradually decreasing, but it is still very large. The majority of sales were generated by new projects that have been developed in recent years,” says a representative of UAB “Eika”.
In the secondary housing market in Kaunas, an increase in the total number of apartments sold per year is recorded – according to preliminary data from the Center of Registers, in 2016, about 4,250 apartments were sold in Kaunas – 16 percent more than in 2015. Meanwhile, in Klaipėda, about 3,160 housing sales transactions were concluded in 2016, i.e. 14 percent more than in 2015.
The average price per square meter in the new housing market in Kaunas increased by 18 percent in 2016 and currently stands at 1,240 EUR/sq m. In Klaipėda, the price fell by 4 percent to 1,230 EUR/sq m. Price trends in Kaunas and Klaipėda were determined by different factors: In Kaunas, the price increase was influenced by new projects, which expanded the buyer’s choice in the more expensive segment, while in Klaipėda, cheap housing was offered, which was immediately bought out during the same quarter, so it did not affect the average price.
About the Eika group of companies
Founded in 1992, EIKA is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other purpose building projects, creating a new quality of life and work. The company has already built almost 4,000 apartments and 320 thousand square meters of buildings. EIKA has been awarded many times as the best real estate developer in Lithuania, and the company’s projects “Santariškių namai” and “Eika namai Pilaitė” have also become the best in Lithuania.
More information:
Marketing and Communications Manager
Jorūnė Juodžbalytė
Phone: +370 520 45809
[email protected]
old.eika.lt