Lithuanian property market in 2009
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.
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