Sales increased in Kaunas, while they decreased in Klaipėda

According to data from the company “Eika”, sales of new construction apartments in Kaunas increased by 30% compared to the same period last year, and by 38% compared to the first quarter of this year. In Klaipėda, in contrast to the temporary capital, sales decreased by 20% compared to the first quarter of this year and by as much as 63% compared to the same period last year.

According to preliminary data from the Center of Registers, in the second quarter of 2015, about 920 apartments were sold in Kaunas, or 36% more than in the first quarter of this year and 16% less than in the same period in 2014. In the port city, about 713 housing sales transactions were concluded in the second quarter of this year, i.e. 29% more than in the first quarter of this year and only 2% less than in the same period last year.

In Kaunas, unlike Klaipėda, sales growth in the second quarter of this year was driven by promotions and open house days in projects run by real estate developers. “In Kaunas, buyers were most active in those projects where the options were the greatest. In the projects that attracted the most interest from buyers, 4-6 apartments were sold per month,” calculates Tomas Žiaugra, development project manager at Eika.

In Kaunas, the average price per square meter increased by 4% in the second quarter of this year and currently stands at 1,066 euros. Over the year, the average price of new construction apartments in the temporary capital increased by only 1%. According to T. Žiaugra, in Kaunas, the greatest influence on the change in the average price of new apartments was exerted by new projects, the initial sale price of which was higher than the market average. “In Klaipėda, the price of new apartments decreased by 2% during the quarter, in contrast to Kaunas, and currently stands at around 1,252 euros per square meter, but is 2% higher than in July last year,” says the representative of “Eika”.

According to the data of the company “Eika”, currently those looking for housing in the temporary capital can choose from 650 new construction apartments, and in the port city – from 640. In the second quarter of 2015, only one small project added to the supply in Klaipėda. In Kaunas, during the same period, two projects added to the market, in which about 80 apartments were offered to buyers.  Estimating this year’s sales volumes in Kaunas, a new housing warehouse would be enough for a little more than 2 years, and in Klaipėda – for as much as 3.5 years. “We notice that in the second quarter of this year, the trends in these cities have changed slightly, but market activity is still too low compared to Vilnius to expect more new projects. Real estate developers are constantly monitoring the situation, but few are deciding to start new projects,” says the representative of “Eika”.

Founded in 1992, the company “Eika” is one of the largest real estate development and construction company 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. 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.