Real estate development company EIKA Development claims that the real estate market in Vilnius grew by 17 percent in sales in November compared to October. If the sales pace continues to decline, more than 3,000 apartments will be sold on the market in 2024, which is 40 percent more than last year. The market’s recovery is also clearly illustrated by the fact that compared to November last year, almost 2.5 times more apartments have been sold this year. In addition, in November, more new construction apartments were sold than were offered to the market.
According to EIKA Development, 386 apartments were sold in Vilnius in November this year, compared to 158 at the same time last year. 329 apartments were sold in Vilnius in October this year, so sales increased by 17 percent per month. When calculating the full year’s data, before the end of November, 2,780 apartments were sold in Vilnius, compared to 2,302 last year and 2,252 in 2022.
The most popular in November were mid-range apartments, with 196 sold, compared to 129 in October. Economy-class apartment sales in November remained almost the same as last month: 182 were sold in November, compared to 180 in October. Prestige-class apartments sold 10 in November, compared to 18 in October, but September was particularly successful in this class, with 36 apartments sold.
The supply of new apartments also grew in November – 345 new apartments were offered to the market, compared to 250 in October. This year, by the end of November, 3,402 new apartments have already been offered to the market in Vilnius, compared to 2,810 last year, and 2,864 in 2022.
A total of 4,240 new apartments are currently offered on the Vilnius market, compared to 3,517 in November last year.
EIKA Development sold 34 apartments in November this year, compared to 22 in November last year. Currently, EIKA Development has a 12 percent share of the real estate market in Vilnius.
“In November, the most apartments were sold in Vilnius since the beginning of the war. Due to falling interest rates and improving expectations, home buyers who had postponed their purchase decision since 2022 are returning to the market, so we continue to see a clear market recovery, which allows us to start thinking about where we can successfully direct investments in the coming years,” said Tomas Žiaugra, Development Director at EIKA Development.