In the first quarter of 2011, real estate developers in Vilnius sold 350 new apartments

In the first quarter of 2011, an average of 120 apartments were purchased directly from real estate developers per month, which is 28 percent more than in the last quarter of 2010. Almost 58% of new apartment sales were made up of economy-class apartments, the price of which currently ranges from 2,700 to 4,500 litas per square meter. During the first three months of the year, prices in this market sector did not change. About 24% of apartment sales were made up of middle-class housing, the prices of which range from 4,500 to 6,200 litas per square meter. Prices in this class increased by about 2%. The price fluctuation was determined by three new projects that supplemented the housing supply in this segment. The remaining 18% of new apartment sales were made up of luxury housing, the prices of which exceed 6,200 litas per square meter. During the first quarter of 2011, the published prices in this sector did not change.

According to Tomas Žiaugra, a market analyst at UAB “Eika”, real estate developers are currently offering about 1,600 new apartments in Vilnius. About 25% of the supply consists of new apartments in apartment buildings that are just starting to be built. Currently, the lack of choice of new apartments is felt in the economy class, which consists of about 800 apartments. Almost half of this supply is for new apartments in the Pašilaičiai microdistrict. During the first quarter of the year, the supply of new apartments in Vilnius decreased by only 2%, as the market was supplemented by over 300 apartments in new apartment buildings.

According to T. Žiaugra, buyer activity and sales of new apartments at the beginning of the year exceeded expectations. “Residents are most active in buying apartments in the spring, but this year activity was felt already from January. In 2010, buyers had few options in already built houses, so the market was waiting for new projects. At the beginning of this year, housing was purchased much more often in projects that were just starting to be developed,” says the market analyst.

Founded in 1992, the company “Eika” is one of the largest real estate development and construction groups in Lithuania. The group of companies consists of: UAB “Eika” – a leader in the real estate market, valued for its innovation, reliability and responsibility; UAB “Eikos statyba” – a construction company with extensive experience in the construction and renovation of administrative, public, commercial, industrial and residential buildings; UAB “Inžinerinės idėjos” – specialists in the design, installation and maintenance of engineering systems. The quality of the services of the group of companies is ensured by the implemented quality and environmental standards ISO 9001:2000 and ISO 14001:2004.