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Photo by Judita Grigelytė (VŽ).
In August this year, the growth of apartment prices in Lithuanian cities stopped.
The real estate services company (real estate) Ober-Haus estimates that in August, apartment prices in the country’s 5 largest cities increased by 0.1% compared to July. During the year, prices increased by 4.2%. The company’s analysts collectively calculate the changes in prices for new and old construction apartments.
The outlook for the housing market after the pandemic will be discussed at the 2020 Baltic Real Estate Investment Forum hosted by VŽ.
[infogram id=”89756fd3-ea5e-4740-9fcd-adddb47a80a5″ prefix=”UY9″ format=”interactive” title=”2020 RUGPJŪTIS ohbi Ober haus butų kainos”]Raimondas Reginis, Ober-Haus’s head of market research for the Baltic countries, says that in addition to the sudden decline in the total number of housing transactions during the quarantine period, the Lithuanian real estate market has avoided other major shocks.
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“When observing the dynamics of apartment prices in the country’s large cities, the only sign that the market has faced certain challenges in the last six months is the significant slowdown in the growth of apartment sales prices. Therefore, for the sixth consecutive month, there has been a slowdown in the annual growth of apartment prices, starting in 2020. In February it registered 7.6% to 4.2% in August this year. However, the general price change during this period did not enter the negative zone, and the sale prices of apartments were generally stable: the sale prices of apartments in the country’s large cities have increased by 0.5% in the last six months, ”said the press release quoted by him.
The expert notes that in July-August, traditional seasonality also significantly shook the apartment rental sector, which was forecast to be in a much bleaker situation than it is today with the onset of the quarantine.
“This gave additional optimism to the country’s metropolitan real estate market and helped avoid further negative consequences in both the rental and sale markets,” Reginis says.
At the end of the quarantine period, the number of apartment transactions in the country’s major cities began to grow rapidly and significantly offset the temporary decline, says Ober-Haus.
According to data from the Records Center, during 2020. Compared to the same period in 2019, the number of registered apartment transactions over eight months decreased by 15% in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys.
However, market activity data in recent months shows that the demand for housing and the financial opportunities of buyers have not decreased significantly. And the stagnant growth in home sales prices has basically opened up more opportunities for potential buyers, ”says R. Reginis.
[infogram id=”f7fe7912-39fa-46d4-9b02-73e5bf3ce9a5″ prefix=”l2Y” format=”interactive” title=”BUTAI RUGPJŪTIS: Pirkimo sandoriais perleistų (notarų patvirtintų) butų skaičius Lietuvos didmiesčiuose”]Follow the news and trends of the real estate market on the Facebook page “VŽ Real Estate”
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