Sales of new apartments in Vilnius increased by 21%, supply by as much as 43%

In 2012, buyers purchased the most new apartments in Pilaitė and  Naujamiestis. In third place in terms of the number of apartments sold is Pašilaičiai, followed by Antakalnis and Žirmūnai. Last year, 51.5% of new apartment sales were economy class apartments, whose sales increased by as much as 30% over the year. Currently, the average price per square meter of an economy class apartment is 4,080 litas, i.e. 1% less than in 2011. About 39% of new apartments sold were middle class. In 2012, 22% more apartments of this class were sold than in previous years. Middle class apartments have increased in price by 5% over the year, and currently the average price of such apartments is about 5,280 litas per square meter. Prestige class apartments accounted for the smallest share of sales – 9.5%. “Luxury apartments were sold 10% less in 2012 than in 2011, but the price of apartments in this class increased by 3%. The advertised prices in this sector average 8,050 litas per square meter,” says Domas Dargis, Development Director of Eika.

 

The completion of the project did not have a significant impact on the sales of new apartments in Vilnius. In 2012, apartment sales were almost equally distributed in completed, completed and under-construction projects.  “2012 was also notable for the crop of new real estate development companies. In 2011, sales of the 5 largest real estate development companies in Vilnius accounted for almost half of the new apartment market, and in 2012 this share decreased to 33%,” calculates the development director of “Eika”.

 

According to D. Dargis, real estate developers are currently offering about 2,360 new apartments for sale in Vilnius, which is 43% more than in previous years. Only 24% of new apartments currently being sold are in completed projects. “During 2012, the supply doubled in the economy class from 700 to almost 1,500 apartments. The supply of new apartments in other classes decreased: in the average class – 4%, in the prestigious class – 19%,” says Domas Dargis. The largest supply of new apartments in 2012 is in the most popular districts in terms of sales: Pilaitė, Pašilaičiai, Naujamiestis and Žirmūnai.

 

“During 2012,  the supply of new apartments increased by as much as 43%, despite the over 20% increase in sales. During the year, real estate developers added about 2,200 new apartments to the market. In 2013, so many new projects will not be offered to the market, so the supply should decrease at the end of this year. More new projects or even settlements will see the light of day in 2014 and 2015.  The supply may increase to as much as 3,300 apartments. However, we do not plan such a rapid growth in new apartment sales in the next three years, therefore, as the supply increases, some of the planned projects will most likely be postponed or the projects will be developed in smaller stages”, predicts the development director of “Eika”. 

 

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