This post was automatically translated into English
According to real estate experts, the closer a home is to green spaces, the more expensive it is. This is especially true for Vilnius, where green spaces cover as much as 46 percent of the city – more than in Berlin, London or Paris.
According to real estate experts, the closer a home is to green spaces, the more expensive it is. This is especially true for Vilnius, where green spaces occupy even 46 percentThe city has more green spaces than Berlin, London or Paris. But both real estate developers and landscape architects say the capital’s potential is untapped. They say some of the city’s green spaces are more like jungles than parks, and need to be managed to boost housing values.
According to Martynas Žibūda, Development Director of Eika, today the situation of green spaces in Vilnius is gradually changing. Several city parks and green areas have already been renovated, some are still planned to be renovated, and detailed plans are being prepared to renovate neglected green areas. Home buyers are also paying increasing attention to green spaces and the environment, which is why real estate developers are also inclined to invest more and more in the environment and greenery of newly built apartment buildings.
Green spaces improve quality of life
Landscape architects are also noting the increased interest in parks and green spaces among both housing developers and residents. Ramūnė Sanders, head of the landscape architecture company Terra Firma, says that people are increasingly concerned about what the environment will look like “behind the fence.”
“Today, housing developers not only care that the house is built properly. They also care about how future settlers will spend quality time in the environment near the apartment buildings, what conditions will be created for the community to live in. Future residents should also raise environmental requirements, because the environment is an integral part of a healthy and high-quality life,” says R. Sanders.
According to her, although there is no shortage of greenery in Vilnius and the city is getting more beautiful every year, public green spaces are still being maintained slowly. According to her, the most popular landscape objects remain trees, various hedges, recreational meadows where you can play, lie down, have picnics, decorative shrubs, and less often – community gardens.
The value of housing near parks will also grow in Vilnius
“There are already a number of parks and squares in the capital, the value of real estate near which will undoubtedly increase in the coming years. For example, when assessing the nearest plans for the management of Vilnius city parks, it is likely that housing will become more expensive near the Reformatų Square – on Basanavičiaus and Teatro streets. Housing prices should also increase near the future Japanese Garden in Šnipiškės,” says M. Žibūda. If the city’s plans to manage Jomantas Park are approved, housing values may also increase in Baltupiai.
It is true that the value of housing depends not only on how close green spaces are, but also on what type these spaces are classified as.
“Foreign practice shows that near active recreation areas, where exercise equipment, a roller skating and skateboarding area, a climbing wall or a large children’s playground are installed, the value of housing increases by about 5-10 percent. But near parks that are adapted for quiet relaxation or leisure with families, in other words, passive green areas, real estate can be up to 20 percent more expensive,” the development director of “Eika” shares foreign experience.
The impact of green areas on housing prices can be assessed by looking at examples from foreign cities. In New York, near Prospect Park, housing values have increased by as much as 410 percent over the past eight years. In San Francisco (USA), housing values near passive green areas, such as Golden Gate Park, have increased by about 100 percent, and in Berlin, near active recreation areas, by about 12 percent.
About the Eika group of companies
Founded in 1992, the company “EIKA” is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other purpose building projects, creating a new quality of life and work. The company has already built more than 3,000 apartments and 270 thousand square meters of buildings. “Eika” has been awarded many times as the best real estate developer in Lithuania, and the company’s projects “Santariškių namai” and “EIKOs namai Pilaitė” have also become the best in Lithuania.
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Vitalija Roče
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