The real estate (RE) market in Vilnius continues to show recovery in the third quarter of the year. Apartment sales continue to grow, significantly exceeding the results of the previous year, and the supply of new housing on the market is also increasing. This period was extremely successful for the RE development company EIKA – after record sales in September, it estimates that it holds 16 percent, that is, the largest market share in Vilnius.
In the third quarter of 2024, a total of 717 apartments were sold in Vilnius, compared to 533 in the same period last year. This was also the best quarter this year: 707 apartments were sold in Vilnius in January-March, and 641 in April-June.
The largest number of apartments sold in the third quarter of the year were apartments under construction (353), slightly fewer were completed apartments (326), and 38 of the apartments sold are still being completed.
The most popular apartments in Vilnius during this period were economy class apartments, of which 327 were sold in the third quarter of the year, while 312 middle class apartments were sold, and 78 prestigious apartments.
The Vilnius real estate market was replenished with 679 new apartments in July-August 2024, slightly more than in the corresponding period last year, when 666 new apartments appeared on the market.
According to EIKA data, at the end of the third quarter of the year, in September, a total of 4,342 apartments were offered to the market in Vilnius, which is 33.2 percent more than last year, when at that time there were 3,208 apartments to choose from. Of the aforementioned 4,342 apartments, 65 percent, or 2,802 apartments, are under construction, the remaining 35 percent are completed (1,221) or are being completed (319).
September was an exceptionally successful month for EIKA in the third quarter of the year. This month, it reached agreements on 38 apartments – such a high result was last recorded three years ago. In total, EIKA has already sold 254 apartments in the first nine months of this year, compared to 174 apartments sold in 2023 throughout the year.
Increased sales results led to EIKA capturing a record-breaking 16 percent market share in Vilnius in September. For comparison, a year ago, in September 2023, it reached 11.6 percent.
“In September, apartment sales in Vilnius remained stable – the monthly result is identical to the annual average, but we, EIKA, are happy with a very successful month – the last time we recorded such a volume of sales was in the first quarter of 2021. The wide selection of apartments offered in even 8 locations in Vilnius and the increasing completion of some projects in a stable market allowed us to increase our market share. General market trends remain similar – stabilized sales at the end of 2024 allow us to expect about 20 percent more sales than in 2023. Developer activity is also not slowing down – in September alone, the supply of apartments was supplemented with several hundred new offers in 5 projects,” said Tomas Žiaugra, Development Director of EIKA Development.