October was a very successful month for the real estate (RE) market in Vilnius. 329 apartments were sold during the month, the most not only this year, but also since February 2022. The RE development company EIKA also set records, selling 45 apartments during the month, compared to 17 sold in October last year. The trend of the RE market recovering after last year’s stagnation has been observed throughout the year – consistent sales growth continues.
In October 2024, a total of 329 apartments were sold in Vilnius, compared to 220 in the same period last year. This was the best month this year, and in the first ten months of this year, a total of 2,394 apartments have already been sold, compared to 2,302 in all of 2023.
The most popular during this period in Vilnius were economy class apartments, of which 182 were sold this October, while 129 mid-class apartments were sold, and 18 prestigious apartments.
The Vilnius real estate market was replenished with 250 new apartments in October 2024, slightly less than the corresponding month last year, when 290 new apartments appeared on the market, and less than in September this year, when the market was replenished with 418 new apartments.
According to EIKA data, during the first ten months of 2024, a total of 3,057 new apartments were offered to the market in Vilnius, compared to 2,810 in all of 2023 and 2,864 in 2022. Overall, in October 2024, the real estate supply in Vilnius reached 4,274 apartments, compared to 3,291 in 2023, thus, it increased by 29.9 percent over the year.
October was a very successful month for EIKA. This month, it sold 45 apartments, the most this year. For comparison, in September it sold 38 apartments, and in October last year – 18, so the sales growth compared to last year reached 164.7 percent. In total, in the first ten months of this year, EIKA has already sold 299 apartments.
EIKA’s market share in October 2024 reached 13.7 percent, compared to 7.7 percent in the same month a year ago.
“This year, we are operating in a market that is about 20% more active than in 2022-2023 and we expect that activity should continue to increase due to improving buyer expectations. Since the beginning of the year, the six-month EURIBOR has decreased by 88 basis points (0.88%) and it is predicted that interest rate cuts should continue next year, so it is natural that the housing demand that has been accumulating in the market for more than two years, which has not been realized in the market due to the significant increase in borrowing costs, is starting to turn into transactions. What gives us even more optimism is that in October, the largest number of economy-class housing buyers returned to the market, for whom the increased interest rates had the greatest impact on their decision-making,” said Tomas Žiaugra, Development Director at EIKA Development.