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During the three quarters of this year, 23 thousand were recorded throughout Lithuania. departments and 9 thousand. residential sale transactions. Compared to January-September 2019, apartment sales in the country decreased by 13 percent, while at that time the residential market grew by 2 percent.
“This year, the apartment market was changing: the year started on the rise, the continuation of the rhythm dictated at the end of 2019 was felt. In the spring, the number of transactions decreased for several months, but then we saw that the decrease did not last and in the last few months we’ve been monitoring the number of apartment sales across the country, which we used to see last year, ”says Paulius Rudzkis, data analyst at the Center of Records.
According to him, the Vilnius property market suffered the least and Klaipėda the most.
According to him, we have seen a slightly different picture in the residential market: although spring also reached its lowest point, the market recovered soon, the number of transactions has been growing steadily and the number of registered housing transactions has been the highest in a few years since midsummer.
The desire to invest has not faded, the apartments are bought by young families
According to him, the decrease in apartment sales volumes was not reflected in the statistics of investment apartments calculated by the Center for Records, that is, transactions of such apartments when the buyer already has at least one residential home. In Vilnius this year, nearly 1.2 thousand could be attributed to investment apartment transactions. apartments (only 1% less than a year ago), in Kaunas, almost 700, or 4%. more than last year by three quarters.
Furthermore, the share of investment apartment transactions in the total number of apartment transactions in the country’s three cities has even increased during the year: in Vilnius, Kaunas and Klaipėda, about one in five apartment transactions could be considered a investment.
“It can be said that despite the increased uncertainty in the spring and the temporary decline in the expectations of the population, the desire of Lithuanians to invest in real estate has not faded. When considering the attractive places for investment in Vilnius and Kaunas, it is possible to highlight the central areas of major cities, where buyers can see the highest possible return on their investment. In Klaipeda, investment transactions are scattered throughout the city, ”says P. Rudzkis.
Looking at this year’s apartment buyer portrait, it can be seen that families raising children are more likely to buy apartments for investment, and among single people, the most common cases are when a divorced woman raising two children bought an investment apartment.
By comparison, the typical investor this year was a 30- to 39-year-old single man with no children. Looking at all of the apartment transactions this year, slightly different trends can be seen: the majority of transactions are single, and typical buyers are girls and boys ages 18-29 without children.
“The typical dwelling that compatriots buy for life is old construction, 40-50 square meters, residents also choose old construction apartments for investment, but smaller, 30-40 square meters”, comments P. Rudzkis.
1.6 billion were spent on housing. euros
In total, during the three quarters of this year, nearly 1.6 billion LTL was spent on housing (residential flats and houses) in Lithuania. EUR, or 2%. more than in the same period last year. For the first time, the Registry Center conducted an analysis and disaggregated housing transactions based on whether the buyers acquired them with their own funds or borrowed them pledged in the Mortgage Registry.
“A decade ago, the share of equity in the total number of transactions was 75%, and only one in four homes was purchased with funds loaned as collateral. Subsequently, this proportion has been decreasing steadily and during the last three years, that is, in 2016-2019, the funds loaned represented around 40%. apartment and house transactions. However, this year we have seen that the proportion of funds borrowed has fallen again to 36% and two-thirds of housing transactions were concluded with own funds in 2020 ”, says P. Rudzkis, data analyst at the Center of Records.
According to him, house prices in Vilnius grew differently: prices for old-build houses increased by 5.5 percent and new-builds by 20 percent. This appreciation was due to structural changes.
“In 2019, the largest number of transactions were concluded in Vilnius in the Pilaitė and Justiniškės districts, where the apartments are economy class and their average price is 25 percent. lower than the market average. And this year, the number of transactions in the aforementioned districts decreased by a third, but the number of apartments purchased in the districts of the old town, Žirmūnai, Šnipiškės increased, where prices are higher than the market average, ”he explains P. Rudzkis.
According to the specialist, the higher prices were due to the fact that the residents of the real estate agency spent more money this year.
Several households direct their investments to the real estate sector. On October 1 this year, around 820 thousand people had at least 1 apartment in Lithuania. homes. This number has increased slightly in the last three years. However, the number of households with two, three, four and more apartments has increased much more.
After two apartments in the country, they currently have almost 140 thousand. households, or 5 percent. more than three years ago, three apartments – 24 thousand. households (13 percent more), four apartments – 4 thousand. households (21 percent more), five or more apartments – 1.3 thousand. households (30% more).
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