Real estate development company Eika grew the most in the new apartment sales market in the first quarter of 2024 and took a record market share of 12 percent. The most successful projects in the entire Vilnius market in terms of sales were the projects developed by this company “Blue Wolves” and “Seasons”.
Eika Development Development Director Tomas Žiaugra notes that this year has started much more actively in the new housing market than last year..
“We can already calculate the first results and we can see that we have grown more than twice in a year – from a 5.6 percent market share in the first quarter of 2023 in terms of sales of new apartments to 12 percent in the same period this year, so we have grown faster than the market,” he comments..
According to Eika analysts, in second place in the first quarter of 2024 was the company Rinvest (8.3%), followed by Merko (7.8%), Orner (7.8%), Omberg (7.8%), and Hanner (7.5%).
“Eika” also leads in terms of supply – it currently offers 378 apartments, “Hanner” is in second place – 368, followed by “Rinvest”, “Lithome”, and “Kaita Group”.
“Having the largest supply of apartments, we can accordingly offer the greatest variety according to the different needs of buyers. Although in the first quarter of the year, buyer activity in the market was most felt in the economy segment, where the number of home buyers increased by as much as 40 percent, our projects attracted the most interest from buyers in the middle-class segment, because this is where we have the largest number of apartments already built,” comments T. Žiaugra.
When evaluating individual projects, the most successful projects in the middle class in terms of sales during this period were “Blue Wolves” and “Seasons”, both of which are managed by the company “Eika development”..
“Last year, although the demand for new housing was stable, the market was operating at only half capacity, we knew that this was only a temporary part of the cycle and it was necessary to prepare for the time when it would start to recover. At the end of 2023, we offered the market two new projects to be the first choice for those buyers who were looking around last year, carefully evaluating all options and knew that postponing the decision to buy a home even longer would not work and it was no longer worth waiting for an interest rate reduction. Now we see that this tactic has paid off – we started this year with a leap to first place in terms of sales among all real estate developers,” says T. Žiaugra.