Good for Business, Lithuania, Real Estate

Approximately 900 new apartment sales transactions were concluded in Vilnius in the third quarter of 2015, this is by 12% less compared with the second quarter of 2015, but by 47% more compared to the third quarter of 2014.

In the third quarter of 2015, nearly half – 46% – of new apartments sold were economy apartments, 36% were mid-range, while luxury apartments accounted for 18% of all transactions. Although luxury apartment sales constituted the lowest market share, yet real estate company Eika estimates that their sales increased fourfold in the third quarter of 2015 compared with the same period of 2014, as 160 more luxury apartments were sold.

Since early 2015, the average price of newly built apartments increased by 3.3%, to EUR 1,635 per square metre (m2). The growth was mostly influenced by the change of economy and luxury apartment prices. The price of economy apartments in Vilnius increased by 2.8% in three quarters of 2015 and now stands at EUR 1,305 per m2. The price of mid-range apartments has not changed since the beginning of the year and now amounts to EUR 1,690 per m2. Meanwhile, the price of luxury apartments fell by 4.5% to EUR 2,480 per m2.

One thousand newly built apartments were put on the market in the third quarter, although the supply in Vilnius increased merely by 3%, to 4,200 apartments. Buyers looking for economy housing were able to choose from 1,680 apartments. The supply was bigger in the mid-range segment and stood at 2,000 apartments. Whereas the choice of luxury apartments increased the most and buyers were able to chose from 520 of them.