MARKET OVERVIEW IN LITHUANIA

 

In 2010 more Lithuanians decided to purchase homes, because of  growing incomes and a falling unemployment rate combined with historically low mortgage rates.

The country’s approval of the euro in 2015 and regional confusion have caused only temporary slowdowns.

The number of property transactions in Vilnius increased. In the centre of Vilnius, luxury apartments cost between 200,000 Euros) and a million depending on size. Single-family houses start at 450,000 Euros and go to 2 million ($2.08 million).

Real estate prices today are around 86% of what they were in 2008. For the first three quarters of 2016, prices for luxury apartments were around 2,725 Euros a square meter, an increase of around 9 % over 2015 levels.

The increase was influenced by a few newly launched projects that were much more expensive than the class average.

Younger Lithuanians of means are increasingly choosing to live downtown. People from the surroundings start to come back to the centre. They are also buying rural summer homes.

The country introduced the euro in January 2015, which caused buyers to be uncertain in the first half of the year but had no lasting effect. The crisis following Russia’s military incursion in Ukraine in 2014 led to a brief drop in housing prices in Lithuania, but they recovered in a few months.

 Western economic sanctions against Russia had not had an impact on housing prices.

Foreign buyers account  for only about 10 %t of the luxury market, together with those from Scandinavia, Russia and Belarus, as well as Germany and Britain.

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