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In Lithuania this year, wages are no longer above house prices and it has become more difficult for families to buy a home. Participants and experts in the real estate market estimate that such a situation will not last long, but also many unknowns.
A. Avulis appreciates that for a long time it was possible to buy an apartment in the center of Vilnius for an average salary, which is not possible in almost any other European capital.
“We have calculations, it was possible to buy a two-room apartment in the center of Vilnius with an average salary, that is, 1000 euros per month. Often times, even the office manager really understands that and no one in Europe has had such an affordable level, except in Latvia, ”said A. Avulis.
However, this year the situation has changed significantly.
“The situation got worse when house prices rose 20%. I cannot say that they have risen unreasonably, because the prices of raw materials have risen, the prices of construction works have risen, the demand has risen sharply. And supply has lagged behind. This price increase this year is disproportionate, it is inappropriate when comparing the growth of wages. But if we look at the last 5 years, it was the other way around: house prices were growing around a 5 per cent per year, and salaries increased by about 10 per cent during the year and then a very high level of affordability appeared ”, commented A. Avulis in the program“ Delfi Tema ”.
What should be done for those who are considering a home, whether it is buy now, worse yet, or wait? A. Avulis would advise
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