This post was automatically translated into English
When choosing a new home, Lithuanians consider maintenance costs more important than price and location. These results were shown by a survey of buyers who purchased a home in 2013-2014, initiated by real estate development company Eika.
When choosing a new home, Lithuanians consider maintenance costs more important than price and location. These results were shown by a survey of buyers who purchased a home in 2013-2014, initiated by the real estate development company Eika. The survey asked what criteria they use when choosing a new home.
Comparing the survey data of the last few years (2009, 2012 and 2014), the factors of housing choice and the needs of buyers have changed. In 2009, the most important criterion when choosing housing was the location in the city, i.e. a certain district, in 2012 – the quality of construction work, and last year – the cost of housing maintenance. According to the 2014 survey data, the second most important criterion was the price of housing, followed by the location in the city. The criterion of the quality of construction work fell from first to fourth place in two years.
“When buying a home, the most important factor is the costs that will be required for heating the apartment, maintenance, and other taxes. We hear the question of how much heating will cost from many of our clients. Buyers are often convinced that the cost of maintaining an apartment also reflects its quality. This means that if the maintenance costs are lower, the home is built with quality. It is easier for buyers to assess and compare the cost of maintenance, and quality inspection requires special knowledge and preparation,” says Martynas Žibūda, Development Director at Eika.
When choosing a home, buyers are currently taking into account the energy efficiency of the building much more and are interested in the building class. Today, Lithuanians are increasingly asking questions such as: is the building airtight, does it have a ventilation system, what layer and what materials are used to insulate the walls?
“Although class A apartment buildings make up only 1 percent of the new construction housing market, we notice that people are increasingly interested in the advantages of such buildings and their energy efficiency. The more such savvy buyers there are, the more real estate developers will have to work hard. Especially since from 2016, all buildings built in Lithuania will have to meet the requirements for class A houses,” says an Eika representative.
As the survey shows, Lithuanians give higher priority to energy efficiency than to the social environment and neighbors, apartment layout or neighborhood safety. More important than the safety of the neighborhood for new home buyers is well-developed infrastructure – a nearby shopping center, public transport stop, school, kindergarten.
The most important factor in the last six years has been the importance of housing credit conditions. In 2014, only 38% of Eika buyers used a bank loan to purchase housing, while in previous years the number of such buyers ranged from 50 to 70%. New home buyers named recommendations from friends and acquaintances, service from the sales manager, level of housing equipment and distance to the city center as the least important criteria.
About the Eika group of companies
Founded in 1992, 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.
More information:
Vitalija Roče
Marketing and Communications Manager
Phone: +370 5 2553 324
Mobile: +370 698 56273
Email. [email protected]