This post was automatically translated into English
Given the choice between an old two-room apartment in Vilnius’ Old Town or a new three-room apartment of the same price in a residential area, the majority of Lithuanians (64%) would choose the latter option.
Given the choice – an old two-room apartment in Vilnius Old Town or a new three-room apartment in a residential area of the same price – the majority of Lithuanians (64%) would choose the latter option. In other words, Pilaitė or Jeruzalė would seem more attractive to people than Senamiestis, Užupis or Žvėrynas. Although the majority of Lithuanians indicated that when looking for a place to live, they would give priority to the location of the residence. This was shown by a survey by the real estate development company “Eika” and the real estate advertising portal Domoplius.lt.
“Although Lithuanians dream of a comfortable and high-quality life in the city center, they make rational choices. Sales show that housing in residential areas is most often chosen. There is not only a greater choice there, but often also higher quality. In addition, for the same price, you can purchase housing cheaper or with a larger area,” says Martynas Žibūda, Development Director of Eika.
The Old Town is intimidating with its prices and lack of space
Lithuanian residents indicated that the main advantage of housing in the center of the capital is the well-developed infrastructure (47 percent). A significant proportion of respondents – 31 percent – consider housing in the Old Town an excellent investment in the future and see its lasting value, while only 14 percent indicated that the center has an abundance of leisure facilities and cultural events as an advantage.
When asked to choose three main reasons why they would not buy an apartment in the center of the capital, the most common (66 percent of respondents) mentioned the high price. Evaldas Narbuntovičius, project manager of the real estate ad portal Domoplius.lt, says that currently a standard 60 sq. m. two-room apartment in Vilnius’s Old Town costs an average of about 85 thousand euros, while an apartment of the same size in a residential area is a third cheaper.
As many as 49 percent indicated that they would not choose housing in the Old Town due to the lack of parking spaces. Slightly fewer survey participants – 44 percent – named constant noise and bustle on the streets as the biggest drawback. The same number, almost half, of Lithuanians would not choose an apartment in the center due to outdated pipelines and the threat of repairs.
To the sleeping areas – regarding green areas
Respondents cited the abundance of green areas (32%), newer, better-planned and more spacious apartments (29%), and lower prices than in the center (22%) as the main advantages of bedroom districts.
When asked to choose three main reasons why they would not buy an apartment in a residential area, most Lithuanians – 81 percent – indicated poor communication with the center and other districts, while 62 percent named the lack of leisure facilities as a disadvantage. More than half – 51 percent – of the respondents said that the infrastructure in residential areas is insufficiently developed.
Prioritize location over price or quality
The results of a survey conducted in September show that when looking for a place to live, the majority of Lithuanians (67 percent) would prioritize the location of the housing, rather than its quality or price. Although those surveyed prioritized the Old Town, the vast majority (67 percent) chose a more spacious new three-room apartment in a residential area for the same price, rather than a 2-room old building in the Old Town.
“If we ask buyers why they chose a specific home, the most common answer is the right location. Only then do they start mentioning other advantages. Location is a subjective selection criterion, as some value comfortable living in the Old Town, while others, for example, families with small children, are looking for quieter places away from the hustle and bustle of the center, closer to parks. In addition, in recent years, we have noticed an increased attention of buyers to the costs of maintaining a home. Lithuanians are closely interested in how much they will have to pay for heating and operating the apartment. For most, lower costs reflect the quality of the home,” says the development director of Eika.
The survey showed that the costs of maintaining housing are more important to Lithuanians than the safety of the area, the layout of the housing, the architecture of the building, or even the infrastructure (distance to schools, kindergartens, shopping centers).
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.
More information:
Vitalija Roče
Marketing and Communications Manager
Phone: +370 698 56273
Email: [email protected]