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“In general, the numbers are cosmic, fantastic. If last month we all agreed that it was an absolute record for the primary market, then February, although shorter, brought us another record. In the primary housing market, we have more than 720 housing transactions in Vilnius, which includes both apartments and cottages, ”says Š. Tarutis.
When asked if there will be something to choose from for the buyers themselves, the interviewee assured that most of the buyers who want to capture today’s market price go to primary market transactions, so, according to him, the quantity of transactions is huge.
“This is one of the reasons the number of housing transactions is likely to increase. We should probably look at this through some components of the real estate market.
The first component is demand. If there is demand, there will be supply. For a long time, the demand for housing in Vilnius was misinterpreted with a certain number of transactions per year, which was simply taken from historical data, when we had 300-330 transactions per month and everyone said it was the market standard. We started researching a bit earlier and compared Vilnius with other cities of similar growth and size: Wroclaw, Poznan, Helsinki. We have seen that the annual number of transactions is also 10,000. Dividing by a month, it would be about seven or eight hundred transactions. Vilnius has finally added to the number of its transactions and the limits to which those transactions could take in a month. Another thing has to do with the offer.
A large part of the offer includes items that are currently only “on paper”. The man who decided to buy the property, he de facto will buy in a year or two, which is an easier decision to make. Currently, it is not necessary to have the full amount to sign an apartment reservation, it is possible to pay a reservation fee, which can amount from three thousand euros to fifteen percent of the price of the house. Basically, it is easier for a person to make that decision, so they do it in a way that captures the current market price ”, assures the interlocutor.
There are also several reasons for the reduction in supply, according to the specialist.
“There are several reasons why the supply is currently decreasing. The first thing that caused the quarantine of this paradox, some developers stopped their projects, which naturally returned to plans at the end of last year, that is, a few months later it appeared and that a the few months, we estimate probably around one and one. Half a thousand potential apartments were moved at the beginning of this year or the middle of this year. When they left the market, people naturally had less to choose from, “says the interlocutor.
According to him, price growth is also expected.
“The upward trend in prices will likely be felt more in new projects. It is no secret that many of the projects currently on offer are not living up to the expectations of current buyers. The buyer wants a more efficient design. , better concepts, so every item that enters the market starts with a higher price. In the near future, I think the price increase will definitely be significant enough, “says Š. Tarutis.
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