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According to Pavel Ladziato, director of the Bank’s Private Customer Service, the population’s choice to buy new-build homes has been growing steadily every year, and this trend has only intensified in the past year.
“By the end of last year, the share of old-build homes built before 2000 had dropped to 34%, and new-build homes built in 2019 at the latest accounted for about 50%. All bank-financed home purchases The remaining 16 percent, home purchases with a mortgage loan in 2000-2018, the report quoted a bank representative.
According to the bank, the population of neighboring Estonia and Latvia is shifting towards older homes. In Estonia, the purchase of old houses built before 2000 represents 47%. of all transactions, and the latest housing construction 17 percent.
In Latvia, the purchase of houses of old construction represents an even higher proportion and amounts to 58%, and in recent years modern construction to 20%. all transactions in which bank financing is used for the purchase of a home.
“Lithuanians are choosing the latest modern construction homes for various reasons. Mainly due to more comfortable living conditions and lower house maintenance costs. Furthermore, the popularity of the newly constructed homes is determined by the supply of such projects. real estate, especially in the largest cities of the country, which are natural centers of attraction for businesses and the population ”, says P. Ladziato.
Borrow more for newly built homes
According to data from Swedbank last year, when buying newer (2000-2018) or newer (2019-2020) construction housing, residents of Lithuania borrowed on average about 93 thousand. euros. Compared to 2019, the average loan amount for this type of home increased by 7%.
Last year, Lithuanians borrowed an average of around 47,000 LTL for the purchase of old-build houses (before 2000). This amount increased by around 4% during the comparable period.
“New construction housing, which uses modern, environmentally friendly and energy efficient solutions, is seen by the population of the country as a more liquid asset that will maintain its value and, if necessary, will be easier to sell on the market. future. Looking at the recent dynamics of housing transactions, it can be predicted that this trend will continue in the future ”, points out P. Ladziato.
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