The third quarter of the year is a record for both Kaunas and Klaipėda

Apartment sales in Kaunas and Klaipėda reached a record high in the third quarter of this year. Apartment buyers in the port city were the most active in Lithuania, per thousand residents – they had as many as 5.2 housing transactions. In Vilnius, sales activity reached 3.9 apartments, and in Kaunas – 3.2 apartments per thousand residents. According to preliminary data from the Center of Registers, in the third quarter of 2013, about 990 apartments were sold in Kaunas, which is 19% more than in the second quarter of this year and even 36% more than in the third quarter of 2012.  In Klaipėda, about 830 housing sales transactions were concluded in the same period, 22% more than in the previous quarter of this year and, accordingly, even 66% more than in the third quarter of last year.

According to the calculations of the company “Eika”, a record number of sales was achieved in Klaipėda during the third quarter of 2013 – about 90 new apartments were purchased directly from real estate developers, i.e. as much as  43% more than in the third quarter of last year and almost a third more than in the second quarter of this year. In Kaunas, sales of new construction apartments in the third quarter increased by as much as 2.5 times compared to the previous quarter – about 70 new apartments were sold in the primary market. According to the development project manager of “Eika” Tomas Žiaugra, compared to the third quarter of last year, 60% more new apartments were purchased in Kaunas, and similar sales activity has not been recorded since the beginning of 2010.

According to preliminary data from the Center of Registers, in the third quarter of 2013, the most popular new-build apartments in Klaipėda were 50-60 square meters in area, which accounted for almost half of the sales transactions. Unlike in Klaipėda, in Kaunas, new housing units over 100 square meters in area are traditionally the most popular, accounting for about 37% of sales.

The average price of new-build apartments in Klaipėda increased by 2% over the year, but decreased by 2% in the third quarter and currently stands at around 4,260 litas per square metre. “The price decrease was influenced by sales of the renovated project, in which the price was reduced by almost a third from the initial one,” says T. Žiaugra, head of development projects at Eika. In Kaunas, the average price of a new-build apartment per square metre has remained almost unchanged since the beginning of the year, and also decreased by 2% to 3,810 litas in the third quarter.

According to Eika, the supply of new apartments in Klaipėda increased by 5% in the last quarter and currently amounts to about 780 apartments. “The supply was supplemented by bankrupt projects revived by creditors, which added about 80 apartments to the supply,” says T.Žiaugra. Meanwhile, in Kaunas, the supply of new apartments increased by as much as 33% in the third quarter of this year and currently amounts to about 430 apartments. Last quarter, the supply of new apartment projects in Kaunas was supplemented by over 200 apartments in seven projects, such supply activity has not been seen in Kaunas for several years. T.Žiaugra also notes that there is quite a large potential for supply growth in Kaunas, as currently more than 450 apartments remain in suspended projects.

Founded in 1992, the company “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.