Real estate development company EIKA Development estimates that sales of new construction apartments in Vilnius remained stable in May, while supply continued to grow. It is noted that new projects proposed by real estate developers in the luxury segment are rapidly increasing sales of prestigious class apartments.
According to data from the company “EIKA”, in May 2024, 6 new real estate projects or project stages with 480 new apartments were added to the housing market in Vilnius. This year, there are about 4,360 vacant apartments in various stages of construction on the market.
Apartment sales also grew: in May 2023, 165 apartments were sold in Vilnius, and in May 2024, 216, the growth reached 31 percent. When calculating all sales since the beginning of the year, in January-May 2023, 1,033 apartments were sold in Vilnius, and in the same period in 2024, 1,132 apartments were sold, buyer activity in 2024 was 9.6 percent higher.
This May was notable for its activity in the prestigious class. Last May, only 5 apartments were sold in this segment, while this year – 25. It is obvious that after several years of shortage, prestigious class projects that have entered the market in 2024 are attracting the attention of buyers.
Economy-class apartment sales grew by 33 percent: 87 such apartments were sold in May 2024, compared to 66 in May 2023. Transactions in this segment take the longest, as there are many economy-class apartments on the market and buyers take time to choose their favorite and get the best conditions from sellers.
The growth in middle-class sales compared to May of this year and last year was 11 percent: in May 2023, 94 such apartments were sold, in May 2024, 104.
“The new housing market in Vilnius remains stable as summer approaches, although moderate growth can be seen compared to last year. Another clear trend is the growing supply of apartments, which shows a positive attitude of real estate developers, which increases competition among sellers and at the same time allows buyers to get the best conditions for purchasing their dream home,” said Tomas Žiaugra, Development Director at EIKA Development.