Housing prices in this Vilnius district are one of the lowest, but the future of the place is uncertain

Meets the standard of comfortable living

Justiniškės is a part of the city of Vilnius, located in the northwest of the city. It borders Pašilaičiai in the north, Šeškine in the east, Viršuliškės in the south and in the west the ring road is separated from Zujūnai and Buivydiškės.

Most of the district was built in the 20th century. in the 1980s. It is primarily a residential area (“bedroom”). According to Mindaugas Statulevičius, president of the Lithuanian Real Estate Development Association, Justiniškės is one of the youngest Vilnius neighborhoods formed during the Soviet era. As a result, they are home to relatively young families compared to other old neighborhoods. Justiniškės is also distinguished by buildings and other infrastructure in good condition, convenient and developed communication with other districts.

“Now, accessibility has improved even more when the Vilnius ring road was opened, resulting in faster communication with Viršuliškės and Justiniškės. We don’t have to drive through the city to get out of this neighborhood, ”says the interlocutor.

According to M. Statulevičius, Justiniškė, it can be said that it meets the standard of comfortable living in the district: it has a network of schools, public and private kindergartens, health care institutions, shopping centers and other places of commerce and services.

“And Justiniškės is a fairly green district, because there are green spaces and stadiums in the same district, there are spacious and spacious courtyards near the schools,” says the interlocutor.

Developers lack attention

Despite the listed advantages of Justiniškės, according to M. Statulevičius, this residential district has received little attention from residential property developers so far. Projects currently in development can be counted on the fingers of one hand. There are only a few of them.

“The developers haven’t been developing many new projects there lately. There was a bigger project on Laisvės Avenue, Taikos Street, near the ring road, another project is being developed. These are some projects, this district is not the most popular. But certain promoters who are developing projects in the economic segment have set foot, ”emphasizes the interlocutor.

M. Statulevičius goes on to say that the Justiniškės district was built as a comprehensive settlement, there is not much free space in it, and business objects are already trapped in the one that was free.

“There are more popular neighborhoods in Vilnius, and it is difficult to say why. Perhaps the challenge in obtaining plots is that the municipality has not formed many plots, there are no buildings of any kind that can be bought, demolished and rebuilt because they are already young enough. All these circumstances determined that it was not the most developed neighborhood “, says M. Statulevičius.

The interviewee goes on to say that in order to keep the Justiniškės district young and attractive, new construction projects are very important. Otherwise, this sleeping area may face an inexorably approaching population change challenge.

“Young people who are developing right now want a different quality of life because of the same buildings: apartment layout, size, energy efficiency, maybe newer architecture. And the projects that are being developed there are more or less similar to the existing architecture. These districts need a new impetus for young people to rise up ”, emphasizes M. Statulevičius.

Quite densely populated

What do real estate specialists say about Justiniškės? Tomas Sovijus Kvainickas, Head of Investments and Analysis at Inreal Group, emphasizes that Justiniškės is one of the smallest Vilnius elders, but probably the most densely populated.

“The initial and main development of the territory took place between 1982 and 1986. During that period, 5- and 9-story residential reinforced concrete apartment buildings were built. A small new development took place around 2000, and around 2006, with the sharp rise in house prices, higher construction volumes were recorded. The previously dominant reinforced concrete was replaced by brick and block masonry. In the following years, only individual apartment buildings were built, but since 2016, the development of new homes has increased again, ”says the real estate analyst.

He goes on to say that it is quite difficult to talk about the development of Justiniškės in the future. The existing area occupied by multiple apartment buildings is quite densely built, so that new construction in the inner part of the district could only “fill in” individual voids.

“More active development is likely to take place in the western part of the district, on the western turnoff of Vilnius, but commercial objects also have potential here. On the other hand, the mixed development of the territories would allow Justiniškės to “awaken” and give the district a new breath. The typical demographics of Vilnius (except in places like the Old Town, Žvėrynas, Užupis, etc.) is formed at the beginning of its development, when the younger residents (young families) move in and the renovation is carried out through development of new projects. Although the new development within Justiniškės has not come to a complete halt, at present, the average age of the population is higher than in the newly developed territories ”, the interlocutor points out.

How much does housing cost in Justiniškės?

According to T. Kvainickas, the sale prices of the furnished apartments currently offered in Justiniškės range between 1150 and 2500 Eur / m2. A one-bedroom home can be purchased for 50,000 – 65,000 euros, two rooms – for 63,000 – 95,000 euros, three rooms – for 75,000 – 120,000 euros.

“The price of apartments in brick houses (newer construction) is about a third higher than in reinforced concrete (older construction). In brick houses, the average price is around 1,700 euros (from 1,600 to 2,300), and in reinforced concrete structures, about 1,250 euros (from 1,150 to 1,550 euros) ”, the interlocutor underlines.

According to the real estate analyst, in terms of registered notarial transactions, the price is slightly lower and is growing fairly steadily. In 2010, the price of apartments in buildings of old construction, reinforced concrete structures and internal floors increased by about 4-5 percent. Every year, that is, one- and two-bedroom apartments have risen in price from € 850 to € 1,300 over the decade, three, from about € 750 to almost € 1,200.

“There are not many new projects in Justiniškės. There are currently just over fifty apartments on offer. The price for them (partially finished) is around 1,500 Eur / m2, but you can find individual offers from around 1,250 to 1,900 Eur / m2 ”, calculates T. Kvainickas.

Housing rental prices in Justiniškės seem even more interesting. For example, according to T. Kvainickas, house rental prices in Justiniškės reach 6 – 7.5 Eur / m2. The one-room apartment can be rented for 250 – 340 Eur / m2, Two-room apartment – for 300 – 440 Eur / m2, Three-room apartment – for 350 – 490 Eur / m2.