In the first quarter of 2012, the supply of new apartments in Vilnius increased by 28%

Real estate developers are currently offering about 2,100 new apartments in Vilnius for sale. According to T. Žiaugra, almost half of the supply consists of new apartments in apartment buildings that are still under construction. “In the second half of last year, the primary housing market reached its lowest supply level since the beginning of 2008 and amounted to just 1,400 new apartments. In less than a year, the supply has doubled, and in the near future the supply of new apartments in Vilnius should increase by another 10-15%,” says the Eika analyst. Currently, the supply of middle-class housing is growing the fastest, which is 8% higher than the supply of economy-class housing. Since the first quarter of 2011, the supply of middle-class housing has increased by as much as 60%, while the supply of economy-class housing has increased by only 13%.

Real estate developers in Vilnius sold over 280 new apartments in the first quarter of 2012, which is 11% more than in the last quarter of last year. According to preliminary data from the Center of Registers, 1,300 housing sales transactions were concluded in Vilnius in 2012, which is 5% less than in the previous quarter.

 “Newly built apartments were sold 23% less in the first quarter of 2012 than in the same period in 2011, but more than in the last two quarters of 2011. The market recovered this quarter, with real estate developers selling an average of about 95 apartments per month,” the market analyst calculates.

During the first three months of 2012, the greatest interest among buyers was shown by economy-class apartments, which accounted for 48% of new apartments sold. The price of apartments in this class in Vilnius ranges from 3,000 to 4,700 litas per square meter. Over the year, prices in this market sector decreased by 2%. About 41% of new apartment sales transactions were in the middle class, where prices range from 4,700 to 6,600 litas per square meter. Prices in this class decreased by only 1% over the year. The remaining, about 11% of apartments sold, were in luxury housing, where average prices start at 6,600 litas per square meter. In contrast to other classes, the advertised prices in this sector increased by 4% over the year.

“This year, the prices of new construction apartments should remain similar, with fluctuations possible within a few percent. Buyers should be most pleased this year with the twice as many new apartment options than a year ago. In the near future, the supply will be supplemented by developer projects in the residential areas of Antakalnis, Naujamiestis, Žvėrynas, Pilaitė, and Užupis,” says T.Žiaugra.

*Compared to the first quarter of 2011.

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.