In Lithuania, 8 out of 10 people live in their own homes, according to statistics. According to psychologists, historically Lithuanians can be classified as sedentary peoples, one of whose main characteristics is constancy and thrift. It is not for nothing that studies show that Lithuanians usually buy a home once in a lifetime. True, this trend, according to real estate developers and brokers, is noticeably changing.
Real estate experts say that the times when parents built a 300 sq. m house for themselves and two children are already in the past. “Currently, buyers choose housing based on today’s needs. Even after building or buying a house, after 10 years they decide to sell it and purchase a new, more economical home. Currently, it is extremely popular to change a two-story house into a one-story one,” says Deividas Jezerskas, broker/partner at Capital Pro.
It is becoming increasingly rare for a family to buy a 3-room apartment and plan to live in it until their children turn 18. “As the family’s income increases or remains stable, after 4-5 years the question arises whether it would be worth moving to a more spacious apartment, cottage or house,” the broker notes.
Another trend is that housing space is shrinking, and buyers are looking for efficiently used space and are wary of apartments with large hallways, choosing more spacious living rooms.
“Over the past 10-15 years, the average area of all apartments has decreased by about 10 sq m. m. If previously 60 sq m apartments were in demand, now 50 sq m. m. The demand for smaller bedrooms and larger living rooms has increased, functionality and efficiency are more valued,” – Martynas Žibūda, development director of the real estate company “Eika”, reviews current trends. – “In our assessment, now an effectively planned one-room apartment occupies up to 35 sq m. m, two-room – up to 45 sq m, and three-room – up to 55 sq m of total area.”
According to real estate market experts, if a person lives alone, he does not buy a two-room apartment: he does not think that far into the future. The initial plan is a one-room apartment, and if the second half, a family, appears in life, then other living space options are considered.
“There is no longer any planning for the distant future. The new generation dictates new conditions for the real estate market, they are no longer so afraid of changing their apartment if it is too big or too cramped and no longer meets their current needs,” says M. Žibūda.
According to D. Jezerskas, if a person has not started a family and decides to change their existing housing for a new one, they usually choose even smaller housing, but, for example, in a better location, closer to the city center. “Singles sometimes choose 2-room 35-45 sq. m apartments, so that there is a little more space to live than in a one-room apartment. However, single people rarely buy a larger area, for example, a 3-room apartment,” says the broker.
According to recent surveys, buyers pay most attention not to the size of the area, but to efficiency and functionality. “Today’s buyers are interested in how the purchased area is used, whether the windows of the house face two directions. The buyer thinks less about the 10-year perspective – it is more important for him how he feels living now,” notes M. Žibūda.
About the EIKA group of companies
Founded in 1992, EIKA is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other building projects. The company has already built almost 4,000 apartments and 320 thousand square meters of buildings. EIKA has been awarded many times as the best real estate developer in Lithuania, the company’s projects “Santariškių namai”, Basanavičiaus 9A and “Eika namai Pilaitė” have become the best in Lithuania.