You can buy an apartment without a loan in a small town near Vilnius

Forgotten and unattractive?

Those who are tired of living in the city, looking for natural tranquility and more space, seek their own home in the surrounding villages. Some are looking for a farm to escape the hustle and bustle of the city on the weekends, while others are determined to take a bigger turn in their lives: move permanently. There are not so many suitable places for a comfortable life, for example, in the surroundings of Vilnius, especially if the family is limited by the budget for a new dwelling. And some options are rarely considered, for example Lentvaris, about 20 km from the center of Vilnius and about 8 km from Trakai. Is this city forgotten?

Antanas Kišūnas, Head of the Housing Department at the Ober-haus real estate company, says Lentvaris has been forgotten by property buyers in the first place due to the scarce supply of new homes and, oddly enough, the high prices of new construction homes.

“There is only one newly built house. There are berods of 80 apartments. It has not yet been fully realized, and the prices are practically not lower than the prices of economy class apartments in Vilnius. The price of the furnished apartment is approximately 1600-1700 Eur / m2. This should be rejected 250 euros per square meter per finish and we have the price of an apartment with only partial finishing. In Vilnius, prices for an economy class apartment with partial finishing ranges from 1300 Eur / m2 and can reach several thousand euros in the central part of the city ”, compares the interlocutor and later highlights that the prices of old houses in Lentvaris do not bite.

In fact, as can be seen on the real estate listing portal Aruodas.lt, the prices of apartments in a new apartment building, which A. Kišūnas speaks of, are similar to new construction projects in Vilnius. For example, a finished 52-square-meter two-room apartment (unfurnished) on the third floor, today the price is 82 thousand. EUR (1577 Eur / m2). The price of a smaller apartment (1 room, area – 32 square meters, floor – 3) for sale in the same project, also partially finished, is 53 thousand. EUR (1656 Eur / m2).

According to A. Kišūnas, a person can decide to buy an apartment at that price in Lentvaris for various reasons. First of all, it may be the old town and you want to replace the old building with a new one too – you have been living in Lentvaris for some time and you don’t want to go anywhere, and the third reason is that you want to relax and escape the hustle and bustle and the bustle of the city. Outside the city does not allow him economic opportunities.

“The floors at Lentvaris are not the merchandise that people would buy first or buy in trouble. It is more a commodity than some kind of memory, the desire to go back there or the work is there ”, says A. Kišūnas.

Due to the low demand for new apartments in Lentvaris, of course, developers in this city do not develop many new apartment projects.

Why don’t people buy real estate on Lentvaris?

The price has a great influence on the buyer of a property. Prices for new apartments in Lentvaris are really similar to multi-apartment projects in Vilnius, which are being developed in suburbs, but here the buyer receives other transport and social infrastructure.

A. Kišūnas says that property in Lentvaris is less interested in the buyer in the city, because real estate in this city is less liquid (more difficult to sell). In addition, the buyer estimates that here he will lack social infrastructure: kindergartens, schools, places of leisure.

“When buying a home, people take into account several things when choosing a home: location, price, infrastructure (both technical and social), liquidity. This is the technical infrastructure in Lentvaris, and the social infrastructure (kindergartens, schools, leisure, clubs) is missing. For this reason, young families avoid moving here ”, explains the real estate expert.

I prefer to choose my own house

Instead of buying an apartment in Lentvaris or in the capital far from the center, some families, according to A. Kišūnas, give in to the desire to have more space, to live closer to nature and to choose a plot, already built house or cabin further away from the city.

“So the family agrees that if they have more space than they will have for longer or until they need less space, they will travel to the city for longer,” said the interlocutor.

However, there are not many offers for your own new build or villas in or near Lentvaris. According to A. Kišūnas, the housing supply in this city is determined by the prices of the plots.

“There are several projects that are being developed for sale. The developer will either have a piece of land there, or he will buy it cheaper, or a man will build a house on a farm, increase the value of the property, and then sell it. Looking at the prices, the property value here is less than, for example, in Trakai Vokė or somewhere closer to Vilnius ”, assures the real estate expert, adding that the prices of plots and houses in Lentvaris are determined by the distance to the city and the aforementioned social and transport infrastructure.

The prices of the plots vary depending on the location, the location of the plot itself, for example, if it is close to the street, or in the same town, or perhaps on the outskirts of town.

“When it comes to newly built houses, cabins, the price depends on the quality, the energy class or other things. This should range from 900 Eur / m2 to 1100 Eur / m2. The size of such huts is not large, as in the city recently. Prices fluctuate, “says A. Kišūnas.

The secondary market is a bit more active

In Lentvaris, as in other cities and towns, there are secondary market apartment deals. Real estate expert A. Kišūnas says that this market in the city is more active than the main one (new construction), but great results should not be expected.

“The locals move from smaller apartments to bigger ones, it shows that, like everywhere, older people live more in smaller apartments, in larger ones there are families that may have inherited or perhaps bought apartments with a loan. But the activity in the secondary market is not high, people buy there, if they buy they change their life and change their home when living conditions change, the number of family members, because buying an apartment is not popular to invest there ”, Explains the interlocutor. rental market, rental prices there – lower.

In fact, the prices of apartments of old construction, as seen on the portal Aruodas.lt, fluctuate, but generally do not reach 1000 Eur / m2. For example, a 2-room apartment of old construction, almost 43 square meters, an apartment in a renovated one costs 41,900 euros (984 euros square meters). There are apartments with a price of just over 800 Eur / m2. So there are apartments that some residents could probably buy without a loan, for example: 2 rooms, 41 square meters, an apartment on the second floor costs only 35 thousand. euros. True, the apartment needs repair, and the year of construction of the house – 1965. Another even cheaper apartment, costing 30,400 euros, has 1 room, its area – 32 square meters.

Trakai wins the competitive battle

Those looking for an escape from the hustle and bustle of the city can choose another resort town near Trakai, just under 30 km away. It is true that property prices here are much higher than in Lentvaris. Not everyone can buy a home, like their own, in Trakai.

“Those who seek peace, more flee to the farm from the city up to 100 km or to tourist towns like Trakai. In Trakai, houses are more expensive, they are better equipped, there is a tendency that people tend to combine rest with life and possibly to buy a more expensive house in Trakai, to accept the distance, to live outdoors in a picturesque area and to work in Vilnius or remotely, ”says A. Kišūnas.

However, it is not so easy to buy real estate in Trakai not only because of the price, but also because of the lack of supply. According to A. Kišūnas, prices for old-build apartments in this complex are slightly higher than, for example, in Lentvaris, the supply of new-build apartments is extremely low.

“Prices for old-build apartments in Trakai are around 150-200 Eur / m2 higher than in Lentvaris. Again, depending on the apartment. There are not a lot of newly built apartments neither in Trakai nor in Lentvaris ”, says the interlocutor.

As for the new construction of own houses in Trakai, according to A. Kišūnas, there is no significant increase either.

“Of course, Trakai is in a slightly different price category than Lentvaris. Just because it is Trakai: many lakes, entertainment, more ways to spend free time, the number of people in Trakai in summer does not really differ from the quantity in Vilnius. And Trakai is close to Vilnius, in a very good and beautiful place, where there are many picturesque places, leisure opportunities, etc. Also, Trakai has all the necessary services and institutions for the city, the infrastructure is better developed ”, says the real estate expert.