In the third quarter of 2016, a record number of new apartments were sold in Vilnius since 2009. During the last three months of this year, 1,140 new apartments were sold in the capital – 27% more than during the same period last year and 18% more than in 2016. yearin the second quarter of.
“The activity of buyers in the primary housing market, which slightly decreased in the second quarter of the year, is breaking records with the arrival of autumn – during the third quarter, an average of 380 new apartments were sold per month. The months of July and August were unusually active this year, when customers, not spoiled by the summer weather, focused on searching for a new home, not on vacation. During this period, 60% more new apartments were sold than, for example, in May and June,” says Martynas Žibūda, Development Director of UAB “Eika”.
In the third quarter of 2016, in contrast to the first and second quarters, the majority of sales were of economy class apartments, which accounted for 47% of sales. A very similar share was for middle class housing – 46%, and the remaining 7% was for the luxury housing segment. The most popular in the third quarter were newly built apartments in Pilaitė (15%), Naujamiestis (14%) and Šnipiškės (12%).
Over the past three months, real estate developers have added fourteen new or phased projects to their supply. A total of 1,540 apartments were offered to the market, but as many as 1,000 of them were in just 4 different properties. “Despite the increased activity of large developers, the total number of vacant apartments on the market increased by 7% over the quarter and currently stands at almost 3,600 apartments. This is a normal average level of vacant apartments in Vilnius in relation to the current demand. An important aspect is that the majority – about 70% – of this supply is in projects that have just been launched, recently announced. The number of completed, actually built new apartments in Vilnius, compared to 2,400 apartments in the initial construction stage, is almost 6 times less – only 410,” says Martynas Žibūda.
When assessing the supply by segment, those looking for economy-class housing can currently choose from 1,310 apartments, the supply in the middle class reaches 1,740, and buyers of luxury housing have the fewest options – they can currently choose from 540 apartments.
During the third quarter of this year, the average price of new apartments in the capital increased by 1.7% – from 1,710 euros to 1,740 euros per square meter. The greatest influence on its growth was the price of economy-class apartments, which increased by 2.6% over the last three months and currently stands at 1,380 euros per square meter. Due to greater competition than before, the price of housing in the middle class decreased by 2.8%, which currently stands at 1,690 euros per square meter. A slight decrease of 0.9% in prices was also recorded in the luxury housing segment during the third quarter – currently the average price per square meter is 2,750 euros.
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 3,750 apartments and 320 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 “EIKA namai Pilaitė” have also become the best in Lithuania.
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2016 Q2 Vilnius new apartment sales overview
More information:
Raimonda Janusonytė
Marketing and Communications Manager
Phone: +370 5 2045 809
Email: [email protected]
old.eika.lt