The pandemic did not stop buyers of expensive apartments in Vilnius: they stole 46% more

Calculations by real estate services company Ober-Haus show that during the first half of this year, LTL 58.4 million was spent on these apartments. Eur – 49% more than in the previous semester and 70% more than in 2019. in the first half.

Ober-Haus relies on data from the Records Center to distinguish the 1 m2 apartments. m price amounted to 3,000 Eur (excluding the price of parking spaces, warehouses and other accessories of the apartment from the total amount of the transaction)

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In the second half of last year, the share of expensive apartments in the Vilnius market was 2.3% and this year it jumped to 4.1%. However, Raimondas Reginis, Ober-Haus’s head of market research for the Baltic countries, explains that this was due to the quarantine.

“It should be noted that during the quarantine period there was a significant overall decrease in the number of apartment transactions in Vilnius. And the proportion of newly built apartments increased significantly. Only in the first semester of this year a large number of new construction department transactions were registered, which were agreed in previous years. And considering that a significant portion of the most expensive apartment transactions in this study consists of sales on recently implemented projects, it is this inertia of newly built apartment transactions that has led to such a sharp jump in their share of the statistics. department transaction totals, ”he says.

According to preliminary calculations, if the total activity of the apartment market had remained the same as at the beginning of this year (before the start of the quarantine), this proportion of the most expensive apartments would have increased to 3.4-3.6% in instead of 4.1%.

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The year-on-year growth of the most expensive apartments and the all-time highs already reached raises a question for R. Reginis: where is the limit of the housing market in the country’s capital?

“Every year, our country’s still developing real estate market is tested with an increasing number of upper-class housing, which it turns out to be able to absorb. It is even considered to be the busiest period of apartment building development in Vilnius was 2006-2008. It cannot match the scale of development of recent years in the most valuable and expensive places in the city. If our country’s economy manages to avoid further losses in the near future, then the housing market more cara can try again to put new limits on its capabilities. And the developers of this type of housing are really determined and continue to compete fiercely for the most valuable vacant points that remain in the city, “says R. Reginis.

According to Ober-Haus, most of the most expensive apartments have been bought in the Naujamiestis and Senamestis elders in the last year, but the statistics are increasingly supplemented by the purchase of apartments in the southern part of Šnipiškės and Žirmūnai and in Žvėrynas.

Of the 367 most expensive apartments sold in Vilnius in the second half of 2019 and the first half of 2020, 62% were sold in newly built residential projects (apartment buildings built in 2018-2020). During the analyzed period, most of the most expensive apartments were sold in projects such as “Paupys” (Aukštaičių st.), “Šaltinių namai | Attic” (Aguonų St.), “Sierakausko 25” (Z. Sierakausko St.), “Missionary Gardens” (Subačiaus St.).

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