Lithuania, Real Estate

Preliminary data shows that in the second quarter of 2013 the average price of older flats in Vilnius was EUR 1,069 (LTL 3,691) per square meter, i.e. 6.1% higher than in the first quarter and 1.4% higher than in 2012 overall.

The average price for older flats in the second quarter in the rest of Lithuania was EUR 453 (LTL 1565) per square meter. 0.8% increase over the results of the first quarter and 4.3% more than in 2012 overall.

The average price of new-build flats in Vilnius in the second quarter was EUR 1283 (LTL 4430) per square meter – just 0.2% higher than in January-March and 0.1% higher than the price in 2012.

New-build flats in the rest of the country were sold for the average price of EUR 660 (LTL 2279) per square meter – 7.3% cheaper than in the first quarter of 2013 and 10.5% cheaper than in 2012 overall.

In the second quarter the average price of an older home in Vilnius was EUR 867 (LTL 2995) per square meter – 4.7% less than in the first quarter and 9.2% less than in 2012 overall.

The average price of a new-build home in Vilnius in the second quarter was EUR 608 (LTL 2101) per square meter – 12% less than in January-March and 16.4% less than in 2012.

Prices of new homes outside Vilnius dropped to an average of EUR 450 (LTL 1555) per square meter – 6,8% less than in the first quarter of 2013.

Owners of four and more room apartments are trying more often to sell their property and move to a house or smaller flats. In recent years real estate experts have noticed the increase of available 80 square meter or bigger apartments and their price is dropping in Lithuania.

According to the data of real estate advertisement website Domoplius.lt, in 2013 alone the average price of 4 room apartments fell by more than 5%. In Kaunas and Klaipeda such housing costs EUR 2,800 (LTL 10,000) less than a year before. Although in Vilnius the prices have staid the same.

In Vilnius the average price of 4 room apartment is EUR 1,000 (LTL 3,500) per square meter.

Housing price index is calculated using the transaction data collected and statistically processed by the Centre of Registers. Lithuanian housing price index is commissioned by the Bank of Lithuania. The data is also submitted to the European Central Bank.