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Both during the first quarantine and now, real estate experts say that Lithuanians’ interest in housing in natural havens is growing rapidly, and as demand grows, so do prices.
According to Capital real estate broker Inga Kavaliukienė in the Vilnius region, this trend continues to this day.
“It is very obvious that both during the first quarantine and now people have much more confidence in choosing real estate further away from Vilnius. I see the fact that those parcels or parcels that have been in the ads for a long time, that were not interesting, are now becoming interesting and in demand. And even if the object meets all the expectations of the buyer, he voluntarily pays even more than the market price. That interest really raises market prices, ”he says. I. Kavaliukiene.
Financing without assets
And while interest in real estate further away from the city is growing rapidly, it can still be difficult to obtain a loan for those who want to buy such property, and even the location of the home can set a foot.
Andrius Kvakšys, Luminor’s Bank Mortgage Product Manager, says that sometimes location can be an important factor in a bank’s decision to make a loan, as the real estate market in some smaller cities and remote areas is not enough. active.
“The pledged property must be residential, in acceptable conditions and sufficiently liquid. <...> In smaller cities and remote settlements, the real estate market is not active enough, so there may be cases where the property offered by the client does not meet the liquidity requirements.
In such cases, we offer our clients other financing methods, such as a consumer loan. Since house prices are also lower in small towns (differences are sometimes calculated), consumer loans can be enough to buy a house, ”says A. Kvakšys.
Other circumstances interfere
According to Swedbank spokesman Saulius Abraškevičius, the city is not usually a key factor in deciding whether to provide financing.
“Applicants are generally hampered by other factors, such as the quality and condition of the particular home chosen (for example, the home is in need of major repairs, unsanitary living conditions, etc.), as well as the size and sustainability of the income of the resident and the family, which ensures that the long-term financial commitment does not place an excessive burden on the family budget, “notes S. Abraškevičius.
Sonata Gutauskaitė-Bubnelienė, director of SEB Baltic Retail Banking, points out that each mortgage loan case is individual, since the decision is made taking into account and evaluating many different aspects related to a particular person, their situation and the assets to be purchased. .
“When financing the purchase of a house, its liquidity is taken into account, it could not be granted a house loan for an extremely depreciated, poorly maintained house that is not insured by insurance companies, as well as unregistered, illegal objects, unrelated to the project . The area itself, if the assets built there are liquid, has no effect on financing.
Each case of a mortgage loan is individual, therefore, residents who are considering taking a mortgage loan, we recommend that they consult with property appraisers and the bank; this can be done conveniently and remotely, ”notes S. Gutauskaitė-Bubnelienė.
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