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Empty warehouse
The fastest growth in the supply of apartments of this class occurred a few years ago. Real estate analyst Arnoldas Antanavičius points out that in 2018-2019. The developers operating in the capital were quite active in complementing the offer of the prestigious segment.
In the warehouse of unsold apartments, according to him, at that time there were about 1400-1600 apartments of prestigious class. This represented about a third of the total newly built apartment warehouse in Vilnius.
“In 2020, 1,085 apartments were sold in the prestigious class segment (on average 90 per month), and almost twice as many apartments appeared on the offer, only 552. New areas for the development of this segment are decreasing, and real estate developers can no longer meet the demand. That is why we have been observing a constant decrease in the supply of the prestigious segment during the last two years “, explains the analyst.
At the end of February this year, only a little more than 700 prestigious unsold apartments remained in Vilnius, representing around 19 percent. All the New Construction Department Warehouse in the Capital. According to A. Antanavičius, slightly less than half of this offer is still under construction. “If this situation persists, prestigious apartment buyers will have fewer options and pressure to raise prices is likely to increase,” says the analyst.
According to him, currently in the prestigious class segment in Vilnius, the largest offer is in Užupis (about 240 apartments). In this district, newly built apartments sell for an average of € 3000-3600 per square kilometer. m price with partial completion.
In second place in terms of supply is the Old Town, where around 190 apartments are offered.
According to the analyst, the projects in the Old Town are very diverse, and the average prices range between 3,000 and 4,500 euros per square meter. m with partial finish. The prestigious districts are also being pursued by Naujamiestis, with an offer of approximately 160 apartments in this segment, and the average prices range between 2,800 and 3,600 euros per square meter. m with partial finish.
The offer in this district was also increased by the real estate agency Homa, which began in March of this year with the sale of prestigious apartments in the Vytenio 4 project. The average price of the apartments in the project is 3,500 euros per square meter.
Jurgita Kveselaitė, CEO of the company, agrees that in the prestigious segment, demand far exceeds supply, but developers cannot offer quick solutions to this problem. This, he said, must be a joint effort by the company and the municipality.
“Housing development in the central part of the city, in the so-called more prestigious districts, is a much more complicated process. Only a responsible and experienced developer can undertake such projects. There is a much more complex and legal path: a long and complicated process for the issuance of various permits, project coordination work; all stages must be done with care, honesty and responsibility. This discourages some developers from developing projects in the prestigious class segment, ”explains J. Kveselaitė.
