Lithuanian property market in 2009

 

 

Lithuanian property market in 2009

Information sent by Natalija Stagiene, real estate agent, Vilnius, Lithuania

 

In the third quarter of 2009, the Lithuanian property market has remained stable. Prices have fallen by 6%, but the number of real estate transactions has been stable in the latest 6 months.

The housing market activity is still low in comparison with the boom years, but the lower prices are attracting an increasing number of potential investors who were waiting for the most advantageous moment to make a profitable investment in Lithuania.

 

In Q3 2009, the sales prices of apartments have fallen by 7% in Vilnius, by 6% in Kaunas, by 2% in Klaipëda, by 6% in Điauliai and by 11% in Panevëþis. Today, an old apartment costs 630 euros per sqmt in Vilnius, 580 euros per sqmt in Klaipëda, 490 euros per sqmt in Kaunas, 400 euros per sqmt in Điauliai and 380 euros per sqmt in Panevëþis.

 

The residential rental sector has been more active in the third quarter of 2009, as the leasing of a residential property is more affordable than the purchase of a dwelling. However, the high competition in the rental sector and the difficult financial situation of many residents have obliged residential properties owners to reduce lease prices. The rent of a two-roomed apartment in the centre of Vilnius costs between 250 and 500 euros per month. The price for a three-roomed apartment in the capital city varies from 350 to 700 euros per month.

 

At the end of September 2009, 77% of new apartments were sold in Vilnius, 80% in Kaunas, 88% In Klaipëda, 73% in Điauliai, 46% in Panevëþis and 62% in Druskininkai. Despite this, the supply of new unsold apartment is decreasing slowly because some buyers are not purchasing the real estate property they have booked in advance.

Real Estate Listings

Cod. 35674

For sale Other (Commercial), Lithuania, Alytus, Alytaus raj., Kepyklos g.

942,480.00USD
For sale
Other (Commercial)

2983 m²
Strategically convenient place for sale in the old town of Alytus, Kepyklos g. Building - industrial building, total area 2983.95 sq.m., construction...
Cod. 35419

For sale Development Property, Lithuania, Vilnius, Trakai, Lentvaris

159,043.50USD
For sale
Development Property

10000 m²
Architectural development plan was done in past. Close to the Lentvaris lake,lake view present.
Cod. 35194

For sale 1 Bedroom, Lithuania, Vilnius, Vilniaus, Architektu 8

Reserved negotiation
For sale
1 Bedroom

40.380 m²
I will sell a sunny 1-room flat. The flat is located in the b. A convenient point of the city of Podbrodzie, 7 km from the birthplace of Józef Piłsuds...
Cod. 35193

For sale House, Lithuania, Palanga, Palanga, Bartu 10

328,689.90USD
For sale
House

140 m²
Romantic and stylish cottage in the heart of Old Town, very quiet place of Palanga resort. Botanical Park and sandy beach is a short walk away from t...
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