In 2024, as the entire real estate market recovered from its previous stagnation, real estate project management and real estate development company EIKA Development secured its position as the leader in terms of sales. During 2024 year, compared to the previous year, it more than doubled its apartment sales and took 11.6 percent market shareThe EIKA group of companies is currently also leading in Vilnius in terms of the amount of real estate supply.
According to EIKA Development data, in 2024, a total of 3,162 apartments were sold in Vilnius, which is 37 percent more than in 2023. Apartment sales increased in all classes compared to the previous year: in the middle class – 22 percent, in the economy class – 54 percent, in the prestigious class – 67 percent.
Compared to other real estate development companies in Vilnius, EIKA Development sold the most apartments. Hanner came in second, followed by Omberg, Citus, and Rinvest.
EIKA Development sold 368 apartments in 2024, compared to 174 in 2023. It increased its share of the real estate market in Vilnius from 7.6 to 11.6 percent over the year.
The most popular projects of EIKA Development were the new settlement “Metų laikai” in Visoriai, where 106 apartments were sold, the quarter “Mėlyni vilkai” in Naujamiestis – 85, the “Bajorų alėju” settlement in Bajorai – 45, “Saulės namai” in Pilaitė – 39, and “Senamiesčio sodai” in Vilnius Old Town – 33.
“We offered the greatest variety of housing options to those looking for housing, taking into account the different needs of people. We created 9 different projects in convenient locations in Vilnius so that everyone could find a suitable option for themselves – buyers could choose from more than 500 apartments we offer,” said Tomas Žiaugra, Director of the Development Department of EIKA Development.
The EIKA group of companies is currently also leading in terms of supply – there are 445 apartments in the Vilnius market in the projects it develops. Next in line are Kaita Group, Rinvest, Hanner, and Citus.
In total, in 2024, developers in Vilnius added 3,658 apartments to the real estate supply, 32 percent more than a year ago. Of these, 1,781 were medium-class apartments, 1,493 were economy-class apartments, and 384 were prestigious apartments.
T. Žiaugra predicts that next year we will observe a further recovery of the residential housing market – both real estate buyers and developers are optimistic about 2025. According to him, the primary housing market in Vilnius showed obvious signs of recovery at the end of this year and exceeded the results of the previous two years by more than a third.
“We see that the previously observed stagnation in the real estate market has ended. We prepared for this, invested in the development of new projects, opportunities to offer home buyers the widest possible choice according to different needs and opportunities, and now we can state that such tactics have paid off. We are also approaching this year already thinking about operating in a more active market, we will try to maintain our leading position not only in terms of sales, but also in terms of supply,” says T. Žiaugra.