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Construction in Vilnius. Photo by Judita Grigelytė (VŽ).
In the first quarter of this year, the capital agreed to sell 2,664 new homes, 93% more than in the same period last year (1,383) and 59% more than in 2020. In the fourth quarter (1,674).
These data are published by the real estate development company (real estate) Eika, which has compiled figures from the housing project websites.
In January-March, most of the transactions corresponded to the sales of low-cost and middle-class apartments, 45% each. The prestigious housing segment accounted for 10% of sales.
During the first quarter, the number of unsold apartments on the market decreased by 15% and currently stands at 3,240. Most (8 out of 10) apartments for sale are in the early stages of construction.
In the first quarter, real estate developers offered 2,100 new apartments to the market, 7% more than in 2020. In the 4th quarter, when the construction and sale of 1,960 apartments began.
During the first quarter, the average price of new apartments in Vilnius grew the most in the economy class: 6.6% (reaching 1,830 EUR / m2). In the middle class it increased by 0.6% (to EUR 2,340 / m2), and in the prestige segment, by 3% (to EUR 3,190 / m2).
[infogram id=”5d271921-d4eb-497c-b997-5f5205ee7389″ prefix=”8Yu” format=”interactive” title=”Statyba ir NT. Butų pardavimai vilniuje 2021 m. I ketv. EIKA skaičiai”]
Buyers distort prices
Tomas Žiaugra, Eika’s development project manager, says that although developers were active in the first quarter, the housing supply fell 15%.
“The activity of buyers is greater than the opportunities of developers. Such a flood of buyers distorts housing prices, the growth of which can lead to a reduction in housing affordability. If the annual growth of prices in the market it was 5-6% normal, so we currently have a similar number in a quarter, “the report said.
According to T. Žiaugra, such a situation is worrying.
“Obviously, developers, builders and others who win in this sector can applaud to stand up and enjoy growing revenues. However, this is already really scary, we begin to question the sustainability of such phenomena. 60% of sales are registered only in construction in progress, which means that they are bought from plans without evaluating the final quality of the product and the reputation of the developer, ”says the company’s development project manager.
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