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“We are not seeing a slowdown, prices as soon as we see a steady increase of a couple of percent in a quarter all these years. We see this according to the prices of the reservations and the announcements. (…)
There were no special reasons for the drop in prices. We can see that there is a gradual shortage of construction workers, the cost of labor is increasing, the price of materials is increasing, it will be even more visible from next year, it is the pressure to increase prices, only will increase. Similar growth, which has been so far, around 5-6 percent. annual growth will be maintained, “M. Statulevičius told Eltai.
According to him, so far no situations have been noticed in which potential home buyers postpone the decision to buy a home due to the quarantine announced in the country.
“Since the quarantine only started in early November, we should see a real effect, we should notice the data for at least a quarter, but we saw that interest was quite active in November. Due to the cyclical nature, interest and reserves are decreasing slightly in early December, but this happens annually.
This year apparently it took too, but to hear that no decision is made or postponed … If people can just try to secure a reservation, because they don’t know what will happen next year. It seems that the market will also remain active and the choice of housing may decrease, because there may be less to choose from, ”said the LNTPA president.
However, the challenge for real estate developers is reducing the workforce. According to M. Statulevičius, this can increase construction costs.
“The challenge is to find workers at the right price, because, as we know, many Ukrainians and Belarusians worked in construction, some who left did not return, new ones also arrive at a relatively slow pace, which puts more pressure on the hand of local work. He had also gone to Germany and Scandinavia, some returned, stayed, others plan to return.
All of this affects the scope and cost of the construction site. Compared to the beginning of the year when we had more workforce options, now they are really shrinking. This is also a bit concerning. The cost component will be higher, the total construction cost will increase. It won’t be a big problem, but it will take some time to monitor it, “he said.
Predicting by the Records Center that the real estate market will end the year a little below last year in terms of the number of purchase and sale transactions, M. Statulevičius stated that this was mainly influenced by the quarantine introduced in the country.
“We see that around a little over 5,000. New homes will be sold at least in Vilnius. That’s less than last year, but it was probably because we practically had two and a half drops in late spring. And the rebound is pretty strong in late summer and early fall, when we hit a record in September and October, it doesn’t fully make up for it. But it’s natural, “M. Statulevičius told Eltai.
According to the Department of Statistics, house prices increased 6.4 percent year-on-year in the third quarter.
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